HomeMy WebLinkAboutORD 1144 - ORD Determining Grant Governing TRMS Updated Credit Service
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ORDINANCE NUMBER 1144
AN ORDINANCE DETERMINING TO GRANT, PROVIDING FOR AND
ALLOWING, UNDER THE ACT GOVERNING THE TEXAS MUNICIPAL
RETIREMENT SYSTEM, "UPDATED 'SERVICE CREDIT" IN SAID
SYSTEM FOR SERVICE PERFORMED BY QUALIFYING MEMBERS
OF SUCH SYSTEM IN THE EMPLOYMENT OF THE CITY OF WEST
UNIVERSITY PLACE; ELECTING AND PRESCRIBING THE EFFEC-
TIVE DATE OF SUCH UPDATED SERVICE CREDITS; AUTHORIZING
AND PROVIDING FOR ALLOWANCE OF INCREASE IN MONTHLY
BENEFITS PAYABLE BY TEXAS MUNICIPAL~'RETIREMENT SYSTEM
TO RETIRED EMPLOYEES AND TO BENEFICIARIES OF DECEASED
EMPLOYEES, AS CURRENT SERVICE ANNUITIES AND PRIOR
SERVICE ANNUITIES ARISING FROM 'SERVICE OF SUCH EMPLOYEES
TO THIS CITY.
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NOW, THEREFORE, BE IT ORDAINED BY THE CITY COMMISSION OF THE CITY OF
WEST UNIVERSITY PLACE, TEXAS:
Section 1~ Revised Allowance of Updated Service Credits. On the terms
and conditions set out in Section XVII of Article 6243h, Vernon's Texas Civil
Statutes, as'amended, each member of Texas Municipal Retirement System who on the
1st day of January, 1980 has creditable service in said System arising out of
employment with,the City of West University Place prior to the first day of the
year preceding the date last above-mentioned shall be, and is hereby granted an
"Upda'ted Service CredIt" -Cas that tern is defined in said Act) that is 100% of DII
the "Base Updated Service Credit" of the member, calculated as provided in said
Act:
The Updated Service Credits herein granted shall be effective from
and after January 1, 1980, and shall be in lieu of and in substitution for all
prior service credits and/or updated service credits previously allowed such
member .'
Section 2. Revised Increases in Annuities in Effect,
(a) Pursuant to Section XVII! of Article 6243h, Vernon~s Texas
Civil Statutes, as amended, the City pf West University Place hereby elects to
allow and to provide 'for payment of the increases below specified in all monthly
benefits payable by Texas Municipal Retirement System after the 1st day of
January, 1980 to retired employees and to beneficiaries of deceased employees of
this City under current service annuities and prior 'service annuities arising from
service of such employees to this City, and in effect prior to the date last above-
mentioned.
(b) Each such monthly benefit for the month of January, 1980, and
each month thereafter shall be increased by 30% above the amount of the regular
benefit (as distinguished from any supplemental or'distributive benefit) in effect
for the month of December, 1979.
Section 3. The granting of "Updated Service, Credits" as provided
in Section 1 above and granting of increases in annuities in effect, as pro-
vided in Section 2, above, shall be conditioned upon and subject to approval
by the Board of Trustees of Texas Municipal Retirement System as provided in
the act governing said System.
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ATTEST:
ORDINANCE NUMBER 1144 (Continued)
PASSED AND APPROVED this /d~ day o;f '~ ? 1979.
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Commissioners Voting Aye~
Commissioners Voting No: '
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