HomeMy WebLinkAboutORD 900466 - TMRS Service Credits• .�. �! ]1,11111P
SectionAuthorization of t•. i Service Credits.
(a) On the terms and conditions set out in Sections 853.401 through 853.403 of Subtitle
G of 'title 8, V.T.C.A., Government Code, as amended, each member of the Texas Municipal
Retirement System who has current service credit or prior service credit in said System in
force and effect on the 1st day of January, 1990, by reason of service in the employment of
the City of Georgetown, and on such date has at least 36 months of credited service with said
system, shall be and is hereby allowed "Updated Service Credit" (as that term is defined in
subsection (d) of Section 853®402 of said title) in an amount that is 100% of the "base Updated
Service Credit" of the member (calculated as provided in subsection (c) of Section 853®402 of
said title). The Updated Service Credit hereby allowed shall replace any Updated Service
Credit, prior service credit, special prior service credit, or antecedent service credit
previously authorized for part of the same serviced
(b) On the terms and conditions set out in Section 853°601 of said title, any member of
the Texas Municipal Retirement System who is eligible for Updated Service Credits on the
basis of service with this City, and 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, 1990, shall be credited with Updated
Service Credits pursuant to, calculated in accordance with, and subject to adjustment as set
forth in said 853®601.
(c) In accordance with the provisions of subsection (d) of Section 853®401 of said title,
the deposits required to be made to the Texas Municipal Retirement System by employees of
the several participating departments on account of current service shall be calculated from
and after the date aforesaid on the full amount of such person's earnings as an employee of
the City®
Updated Service Credits ®ruinance (continued)
G
OM
Municipal Retirement System, the updated service credits granted hereby shall be and
become effective on the 1st day of January, 1991.
Passer n�[ nFroved this the filth day of September ' 19 90 First
a in
Passed and approved this the 25th day of September, 1990, on Second Reading.
ATTEST: APPROVED:
City Secretaryor
Elizabeth Gray
APPROVED AS TO FORAi:
City Attorney
Marianne Landers Banks
W. H. Connor `j