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HomeMy WebLinkAboutORD 86-121 ORDINANCE NO. ENTITLED AN ORDINANCE DETERMINING TO GRANT, PROVIDING FOR AND ALLOWING, UNDER THE ACT GOVERNING THE TEXAS MUNICIPAL RETIREMENT SYSTEM, AN "UPDATED SERVICE CREDIT" IN SAID SYSTEM FOR SERVICE PERFORMED BY QUALIFYING MEMBERS OF SUCH SYSTEM IN THE EMPLOYMENT OF THE CITY OF BEAUMONT AND ELECTING AND PRESCRIBING THE EFFECTIVE DATE OF SUCH UPDATED SERVICE CREDITS. BE IT ORDAINED BY THE CITY OF BEAUMONT: 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 in 1975, 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, 1987, by reason of service in the employment of the City of Beaumont, shall be and is hereby allowed "updated service credit" (as that term is defined in said act) in an amount that is one hundred percent (100%) of the "Base Updated Service Credit" of the member, calcualted as provided in said act. The updated service credit hereby allowed shall be in lieu of and in substitution for 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 Beaumont. (b) In accordance with the provisions of said act, 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 --/.z i /.2 -16 - J'6 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 the Texas Municipal Retirment System, the updated service credits hereby granted shall be and become effective the lst day of January, 1987. / PASSED BY THE CITY COUNCIL of the City of Beaumont this the day of �����'J'J,�p , 1986. r - Mayor - 2 -