HomeMy WebLinkAboutORD 90-66 0 - � - � �
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.
BE IT ORDAINED BY THE CITY OF BEAUMONT, TEXAS:
Section 1.
(a) On the terms and conditions set out in Sections 853 . 401
through 853 .403 of Subtitle G of Title 8, V.T.C.A. , Government
Code, 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, 1990,
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 853 .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 853 .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 853 . 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
�`9®-66 /V-- 3o-yd
municipalities by reason of previous service, and was a
contributing member on January 1, 1990, shall be credited with
Updated Service Credits pursuant to, calculated in accordance with,
and subject to adjustment as set forth in said 853 . 601.
(c) In accordance with the provisions of subsection (d) of
Section 853 .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 from and after the date aforesaid on the full amount of
such person's earnings as an employee of the City.
Section 2 .
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 lst day of January,
1991.
Passed and approved this the 301tk day of (�V_e ,
1990.
ATTEST: APPROVED:
City S cretary or Clerk Mayo