HomeMy WebLinkAboutORD 900467 - TMRS Credits & Benefits♦ � 3, � 1. �` .� 1 �� � '1
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Section 1. Pursuant to the provisions of Sections 854.202(f), 854.2049 854.405, 854.4069
and 854.410 of Subtitle G of Title 8, V.T.C.A., Government Code, as amended, which Subtitle
shall herein be referred to as the "TMRS Act," the City of Georgetown, Texas, adopts the
following provisions affecting participation of its employees in the Texas Municipal
Retirement System (which -retirement system shall herein be referred to as the "System"):
(a) Any employee of this City who is a member of the System is eligible to retire and
receive a service retirement annuity, if the member has at least 25 years of credited service
in that System performed for one or more municipalities that have participation dates after
August 31, 1987, or have adopted a like provision under Section 854.202(f) of the TMRS Act.
(b) If a member to whom subsection (b) of Section 854.204 of the TMRS Act is
applicable, shall die before becoming eligible for service retirement and leaves surviving a
lawful spouse whom the member has designated as beneficiary entitled to payment of the
member's accumulated contributions in the event of the member's death before retirement,
the surviving spouse may by written notice filed with the System elect to leave the
accumulated deposits on deposit with the System subject to the terms and conditions of said
Section 854.204(b). If the accumulated deposits have not been withdrawn before such time as
the member, if living, would have become entitled to service retirement, the surviving spouse
may elect to receive, in lieu of the accumulated deposits, an annuity payable monthly
thereafter during the lifetime of the surviving spouse in such amount as would have been
payable had the member lived and retired at that date under a joint and survivor annuity
(Option 1) payable during the lifetime of the member and continuing thereafter during the
lifetime of the surviving spouse.
(c) At any time before payment of the first monthly benefit of an annuity, a surviving
spouse to whom subsection (b) applies may, upon written application filed with the System,
receive payment of the accumulated contributions standing to the account of the member in
lieu of any benefits otherwise payable under this section. In the event such a surviving spouse
shall die before payment of the first monthly benefit of an annuity allowed under this section,
the accumulated contributions credited to the account of the member shall be paid to the
estate of such spouse.
(d) The rights, credits and benefits hereinabove authorized shall be in addition to the
plan provisions heretofore adopted and in force at the effective date of this ordinance
pursuant to the TMRS Act.
(e) Any employee of this City who is a member of the System is eligible to retire and
receive a "standard occupational disability annuity" under Section 854.408 of the TMRS Act or
an "optional occupational disability retirement annuity" under Section 854.410 of the TMRS
Act upon making application therefor upon such form and in such manner as may be prescribed
by the Board of Trustees of the System, provided that the System's medical board has certified
to said Hoard of Trustees* (1) that the member is physically or mentally disabled for further
performance of the duties of the member's employment; (2) that the disability is likely to be
permanent; and (3) that the member should be retired. Any annuity granted under this
subsection shall be subject to the provisions of Section 854.409 of the TIERS Act.
(f) The provisions relating to the occupational disability program as set forth in section
(e) above are in lieu of the disability program heretofore provided for under Sections 854.301
to 854.308 of the TMRS Act.
Section 2. This ordinance shall become effective on the first day of
January i , 19 91 , 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,
Passed and approved this the 11th day of September, 1990, on First Reading.
Passed and approved this the 25th day of September, 1990, on Second Reading.
ATTEST* APPROVED*
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City Attorney
Marianne Landers Banks
W. H. Connor '