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
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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.
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