HomeMy WebLinkAboutORD 87-90 l 0. r3 k i9
ORDINANCE NO.
ENTITLED AN ORDINANCE DETERMINING TO GRANT,
PROVIDING FOR AND ALLOWING, UNDER THE ACT
GOVERNING THE TEXAS MUNICIPAL RETIREMENT
SYSTEM, AN 11UPDATED 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, 1988, 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,
calculated 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
date aforesaid on the full amount of such perso. j earnings as an
employee of the city.
(c) Subject to approval of the Board of Trustees of
the Texas Municipal Retirement System, the updated service
credits hereby granted shall be and become effective the 1st day
of January, 1988.
PASSED B�Yt THE CITY COUNCIL of the City of Beaumont this
the 2 day of 'yCN �w�tv , 1987.
Mayor -
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