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HomeMy WebLinkAboutORD 1980 TMRSAN ORDINANCE ADOPTING THE PLAN PROVISIONSS AFFECTING PARTICIPATION OF EMPLOYEES! OF THIS CITY IN TEXAS MUNICIPAL RETIREMENT SYSTEM AS AUTHORIZED BY SECTION XX OF ARTICLA 6243h, VERNON'S TEXAS CIVIL STATUTES, AND GRANTING THE ADDITIONAL RIGHTS, CREDITS AND BENEFITS THEREIN AUTHORIZED; PROVIDING THAT SUCH RIGHTS SHALL BE SUPPLEMENTARY TO THOSE HERETOFORE ALLOWED AND THAT ARE IN FORCE AT THE EFFECTIVE DATE OF THIS ORDINANCE; AND PRESCRIBING THE EFFECTIVE DATE OF THIS ORDINANCE. BE IT ORDAINED BY THE CITY COUNCIL OF GEORGETOWN, TEXAS: Section 1. Pursuant to Section XX of Article 6243h, Vernon's Texas Civil Statutes, as amended, the City of Georgetown, adopts the following plan provisions affecting participation of its employees in the Texas Municipal Retirement System: (a) Each person who becomes an employee of any participating department of this City and who is not already a member of the Texas Municipal Retirement System shall become a member of the System as a condition of employment, provided such person is then under sixty (60) years of age; (b) Any member, after one (1) year from the effective date of membership, shall be eligible for service retirement who has attained the akeoof fifty (50) years and has completed twenty-five (25) years of creditable service with this City or who has attained the age of sixty (60) years and has completed at least ten (10) years of creditable service with participating municipalities which have adopted the plan provisions of this section, or who has become eligible for service retirement under any other applicable provision of Article 6243h, Vernon's 'Texas Civil Statutes; (5) The membership of any member who has completed at least ten (10) years of creditable service with this City and other participating municipalities which have adopted the plan provisions of Section XX of Article 6243h, Vernon's Texas Civil. Statutes shall not terminate because of absence from service; and (d) Any person who is an employee of a participating department' of this mmnicipality at the effective date of this ordinance, but who at the date of his employment was under sixty (60) years of age but did not become a member of Texas Municipal Retirement System because he was then above the maximum age then prescribed by law for initial membership in the System, shall become a member of the System at the effective date of this ordinance, unless he has already become a member under other provisions of the govern Ing act, and shall be allowed prior service creditfor each month of creditable service performed for this municipality subsequent to thedate such person was precluded from membership and prior to the effective date of his memberhhip. Such prior service credit shall be calculated using the same percentage of the base prior service credit as was most recently used in calculating Prior Service Credits or Updated Service 'Credits in said System for current mem- ber employees of this City. C. V Y ` o"* Q0.2'1 19X) f Section 2. The rights, credits and benefits hereinabove authorized shall be in a it on to the plan provisions heretofore adopted and in force at the effective date of this ordinance pursuant to the Act governing said System. Section 3. This ordinance shall become effective on the first day of the calendar month following its enactment, provided it has previously been determined by the Actuary for the System that the additional obligations here- with undertaken can be funded within the period prescribed by the Act above cited,, and will not result in probable depletion of this City's account in the Prior, Service Accumulation Fund of the System. Passed and approved on first reading this the day bf /e-CP9,�AO%,Ie .,,,.- , 1980; and passed and approved on second reading this .__c-.)- d ay of tVege.&&-' 1980. APPROVED: ATTEST: JL'4--' Jim Colbert, City Secretary 2