HomeMy WebLinkAboutOrd 1522 - updated service credits TMRS
ORDINANCE NO. 1522
AN ORDINANCE AUTHORIZING AND ALLOWING, UNDER THE ACT GOVERNING
THE TEXAS MUNICIPAL RETIREMENT SYSTEM, "UPDATED SERVICE CREDITS"
IN SAID SYSTEM ON AN ANNUAL BASIS FOR SERVICE PERFORMED BY
QUALIFYING MEMBERS OF SUCH SYSTEM WHO AT THE EFFECTIVE DATE OF
THE ALLOWANCE ARE IN THE EMPLOYMENT OF THE CITY OF WEST
UNIVERSITY PLACE; INCREASE THE RATE OF DEPOSITS TO THE TEXAS
MUNICIPAL RETIREMENT SYSTEM BY THE EMPLOYEES; AND ESTABLISHING
AN EFFECTIVE DATE FOR THE ORDINANCE.
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF WEST UNIVERSITY
PLACE, TEXAS:
Section 1.
Authorization of Updated Service Credits,
(A) On the terms and conditions set out in Sections 853.404 of Subtitle G of Title 8,
Government Code, as amended (hereinafter referred to as the "TMRS Act"), each member of the
Texas Municipal Retirement System (hereinafter referred to as the "System") who has current
service credit or prior service credit in the System in force and effect on the 1 st day of January of
the calendar year preceding such allowance" by reason of service in the employment of the City of
West University Place, Texas (hereinafter called the "City") and on such date had at least 36
months of credited service with the System, shall be and is hereby allowed "Updated Service Credit"
(as that term is defined in subsection (d) of Section 853.402 of the TMRS Act),
(B) On the terms and conditions set out in Section 853,601 of the TMRS Act, any
" member of the System who is eligible for Updated Service Credits on the basis of service with this
!, City, who has unforfeited credit for prior service and/or current service with another participating
municipality of municipalities by reason of previous service, and was a contributing member on the
1 st day of January of the calendar year preceding such allowance shall be credited with Updated
Service Credits pursuant to, calculated in accordance with, and subject to adjustment as set forth
in said Section 853.601, both as to the initial grant thereunder and all future grants under this
ordinance,
(C) The Updated Service Credit hereby allowed and provided for shall be 100% of the
"base Updated Service Credit" of the member (calculated as provided in subsection (c) of Section
853.402 of the TMRS Act),
(D) Each Updated Service Credit allowed hereunder shall replace any Updated Service
Credit, prior service credit, special prior service credit, or antecedent service credit previously
authorized for part of the same service.
(E) The initial allowance of Updated Service Credit hereunder shall be effective on '
January I, 1996, subject to approval by the Board of Trustees of the System. An allowance shall
be made hereunder on January 1 of each subsequent year until this ordinance ceases to be in effect
under subsection (e) of Section 853.404 of the TMRS Act.
(F) In accordance with the provisions of subsection (d) of Section 853,401 of the TMRS
Act, the deposit required to be made to the System by employees of the several participating
departments on account of current service shall be calculated form and after the effective date of
this ordinance on the full amount of such person's compensation as an employee of the City
Section 2. That all employees of the City who are members of the Texas Municipal
Retirement System, shall make deposits to the System at the rate of 6 % of their individual earnings,
Section 3. Subject to the approval by the Board of Trustees of the System, this
ordinance shall be and become effective on the 1 st day of January, 1996,
PASSED AND APPROVED ON FIRST READING, this ..8ay of .4?;~k,<..---, 1995.
Voting Aye:
Voting Nay:
Absent:
PASSED AND APPROVED ON SECOND READING, this //, of Ac ?...d.-<',-1995.
I, Voting Aye:
Voting Nay:
Absent:
Signed:
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Bill Watson
Mayor
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ATTEST:
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Kaylynn HallOWay;;
City Secretary
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Jim Dougherty
City Attorney
(SEAL)