HomeMy WebLinkAboutORD 88-87 TMRS-C/A-T-F
TEXAS MUNICIPAL RETIREMENT'SYSTEM
AN 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 BEAUMONT; AND ESTABLISHING AN EFFECTIVE
DATE FOR SUCH ACTIONS; AND PROVIDING FOR
INCREASED MUNICIPAL CONTRIBUTIONS TO THE
CURRENT SERVICE ANNUITY RESERVE AT
RETIREMENT OF THE EMPLOYEES OF THE CITY OF
BEAUMONT, TEXAS.
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF BEAUMONT, TEXAS:
Section 1. 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 1st day of January, 1988, by reason of service in the employment of
the City of Beaumont, and on such date has at least 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 Updated
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, 1985, 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 fron
and after the date aforesaid on the full amount of such person's earnings as an employee .
the City. of
Updated Service Credits/Increased City Matching Ordinance (continued) Page 2.
Section 2. 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 1st day of January, 1989.
BE IT FURTHER ORDAINED BY THE CITY COUNCIL OF BEAUMONT, TEXAS:
That effective January 1, 1989, for each month of current service thereafter rendered
by each of its employees who are members of the Texas Municipal Retirement System, the
City will contribute to the current service annuity reserve of each such member at the time
of his or her retirement, a sum that is 200% of such member's accumulated deposits for such
month of employment; and said sum shall be contributed from the City's account in the
municipality accumulation fund.
Passed and approved this the�� � day of 1961
ATTEST: APPROVED:
ity Secretary o erk Mavor
J -