HomeMy WebLinkAboutORD 91-23 - TMRS Service CreditsORDINANCE No.
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WHEREAS, the City Council has identified as a principal goal the need to maintain a
qualified City Staff, and;
WHEREAS, the Texas Municipal retirement System is viewed as an integral portion of
the City's employee benefit package;
WHEREAS, the City Council has found that this action implements the Finance Policy
of the Century Plan - Policy Plan Element, which states: "conducts all municipal operations in
an efficient, business -like manner"; and
WHEREAS, the City Council has found that this action is not inconsistent or in conflict
with any other Century Plan Policies, as required by Section 2.03 of the Administrative Chapter
of the Policy Plan;
NOW, '' !' BE ORDAINED BY THE CITY COUNCILOF
*F GEORGETOWN,
SECTION 1
The facts and recitations contained in the preamble of this ordinance are hereby found and
declared to be true and correct, and are incorporated by reference herein and expressly made a
part hereof, as if copied verbatim.
SECTION 2
Authorization of Updated Service Credits. (a) On the terms and conditions set out in
Sections 853.401 through 853.404 of Subtitle G of Title 8, V.T.C.A., 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 1st day of January of the calendar
year preceding such allowance, by reason of service in the employment of the City of
TMRS Ordinance No.
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Georgetown (hereinafter called the "City") and on such date had at least 6 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 or municipalities by reason of previous service, and was a contributing member on
January 1, 1992, shall be credited with Updated Service Credits pursuant to, calculated in
accordance with, and subject to adjustment as set forth in said Section 85.601, both as to the
initial grant hereunder 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) This ordinance shall become effective on January 1, 1992, provided that it has
previously been determined by the Actuary for the system that all obligations of the City to the
municipality accumulation fund, including obligations hereby undertaken, can be funded by the
City within its maximum contribution rate and within its amortization period.
(f) In accordance with the provisions of subsection (d) of Section 853.401 of the TMRS
Act, the deposits required to be made to the system by employees of the several participating
departments on account of current service shall be calculated from and after the effective date
of this ordinance on the full amount of such person's compensation as an employee of the City.
SECTION 3
All
ordinances
and resolutions,
or parts of ordinances and resolutions, in conflict with this
Ordinance
are hereby
repealed, and are no longer of any force and effect.
If any provision of this ordinance or application thereof to any person or circumstance,
shall be held invalid, such invalidity shall not affect the other provisions, or application thereof,
of this ordinance which can be given effect without the invalid provision or application, and to
this end the provisions of this ordinance are hereby declared to be severable.
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61OXM O ►N
The Mayor is hereby authorized to sign this ordinance and the City Secretary to attest.
PASSED AND APPROVED on First Reading on the 13 day of August , 1991.
PASSED AND APPROVED on Second Reading on the 27 day of August , 1991.
ATTEST:
Elizabeth Gray
City Secretary
APPROVED AS TO FORM:
Marianne Landers Banks
City Attorney
TMRS Ordinance No.
Page 3 of 3
THE CITY OF GEORGETOWN:
By: W.H. CONNOR
Mayor