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HomeMy WebLinkAboutORD 1980 TMRS againTEXAS: AN ORDINANCE DETERMINING TO GRANT, PROVIDING FOR AND ALLOWING, UNDER THE ACT GOVERNING THE TEXAS MUNICIPAL RETIREMENT SYSTEM "UPDATED SERVICE CREDIT" IN SAID SYSTEM FOR SERVICE PERFORMED BY QUALIFYING MEMBERS OF SUCH SYSTEM IN THE EMPLOYMENT OF THE CITY OF GEORGETOWN: ELECTING AND PRE-. SCRIBING THE EFFECTIVE DATE OF SUCH UPDATED SERVICE CREDITS. BE IT ORDAINED BY THE CITY COUNCIL OF GEORGETOWN, Section 1 Initial Allowance of Updated Service Credits. (a) On the terms and. conditions set out in section xvii of Article 6243h, Vernon's Texas Civil Statutes_, as amended 1975, each member of Texas Municipal Retirement System wholhas current service credit or prior service credit in said System in force and effect on the 1st day of January, 1981 by reason of service in the employment of the City of Georgetown, shall be and is hereby allowed "updated service credit" (as that term is defined in said act) in an amount that is 10070 of the "Base Updated Service Credit" of the member, calculated as provided in said act.. The p y ll be in lieu of and in sub- tituti nafor all Prior Service Credits Special Prior Service. Credits, and Antecedent Service Credits, if any, heretofore allowed such member by reason of service with the City of Georgetown. (b) In accordance with the provisions of said act, the deposits required to be mdde 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. (c) Subject to approval of the Board of Trustees of Texas Municipal Retirement System, the updated service credits hereby granted shall be and become effective the lst day of January, 1981. Passed and approved on first reading this the 7 day of 4 1980; and passed and approved on second reading this Zi_ day of ew,1, Av- , 1980, f e ,J,- &JL.,L_ i3 m Colbert, City -Secretary APPROVED