HomeMy WebLinkAboutORD 890368 - TMRS Service CreditsAN ORDINANCE AUTHORIZING AND ALLOWING, UNDER
THE ACT GOVERNING THE TEXAS MUNICIPAL
RETIREMENT SYSTEM, "UPDATED SERVICE CREDITS"
IN SAID SYSTEM FOR SERVICE PERFORMED BY
QUALIFYING MEMBERS OF SUCH SYSTEM WHO
PRESENTLY ARE IN THE EMPLOYMENT OF THE CITY
OF GEORGETOWN, AND ESTABLISHING AN EFFECTIVE
DATE FOR SUCH ACTIONS.
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF GEORGETOWN,
TEXAS.
SECTION I: AUTHORIZATION OF UPDATED SERVICE CREDITS
(A) On the terms and conditions set out in Sections 63.401
through 63.403 of Title 110B, Revised Civil Statutes of Texas,
1925, 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 lst day of January, 1990,
by reason of service in the employment of the City of Georgetown,
and on such date has at least thirty-six (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 63.402 of said title) in an amount that is 100% of the
"base plated Service Credit" of the member (calculated as
provided in subsection (c) of Section 63.402 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 service.
(B) On the terms and conditions set out in Section 63.601
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, 1989, shall be credited
with Updated Service Credits pursuant to, calculated in
accordance with, and subject to adjustment as set forth in said
63.601.
(C) In accordance with the provisions of subsection (d) of
Section 63.401 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.
SECTION II:
EFFECTIVE DATE
Subject to approval by the Board of Trustees of the Texas
Municipal Retirement System, the updated service credits granted
hereby shall be and become effective on the lst day of January,
19900
PASSED AND APPROVED THIS THE aP2 &tA DAY OF ,
19
Read on first reading this day of
Read on second reading this day of
APPROVED®
Diane cander, City Attorney
ATTEST®