HomeMy WebLinkAboutORD 91-82 4 e
ORDINANCE NO. ,9-2.
ENTITLED AN ORDINANCE AUTHORIZING
AND ALLOWING UNDER THE ACT
GOVERNING THE TEXAS MUNICIPAL
RETIREMENT SYSTEM, "UPDATED SERVICE
CREDITS" IN SAID SYSTEM ON AN ANNUAL
BASIS FOR SERVICE PERFORMED BY
QUALIFYING MEMBERS OF SUCH SYSTEM
WHO AT THE EFFECTIVE DATE OF THE
ALLOWANCE ARE IN THE EMPLOYMENT OF
THE CITY OF BEAUMONT; AND
ESTABLISHING AN EFFECTIVE DATE FOR
THE ORDINANCE.
BE IT ORDAINED BY THE CITY COUNCIL OF THE
CITY OF BEAUMONT:
Section 1.
Authorization of Updated Service Credits.
(a) On the terms and conditions set out in Sections 853.401 through 853.404 of
Subtitle G of Title 8, V.T.C.A., Government Code, as amended, (hereinafter referred to as
the "TMRS Act"), each member of the Texas Municipal Retirement System (hereinafter
referred to as the "System") who has current service credit or prior service credit in the
System in force and effect on the lst day of January of the calendar year preceding such
allowance, by reason such date had at least 36 months of credited service with the System,
shall be and is hereby allowed "Updated Service Credit" (as that term is defined in subsection
(d) of Section 853.402 of the TMRS Act.)
(b) On the terms and conditions set out in Section 853.601 of the TMRS Act, any
member of the System who is eligible for Updated Service Credits on the basis of service with
this City, 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, 1992, shall be credited with Updated Service Credits
pursuant to, calculated in accordance with, and subject to adjustment as set forth in said
Section 853.601, both as to the initial grant hereunder and all future grants under this
ordinance.
(c) The Updated Service Credit hereby allowed and provided for shall be 100% of
the "base Updated Service Credit" of the member (calculated as provided in subsection (c) of
Section 853.402 of the TMRS Act).
(d) Each Updated Service Credit allowed hereunder 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.
(e) The initial allowance of Updated Service Credit hereunder shall be effective on
January 1, 1992, subject to approval by the Board of Trustees of the System. An allowance
shall be made hereunder on January 1 of each subsequent year until this ordinance ceases to be
in effect under subsection (e) of Section 853.404 of the TMRS Act, provided that, as to such
subsequent year, the actuary for the System has made the determination set forth in subsection
(d) of Section 853.404 of the TMRS Act.
(f) In accordance with the provisions of subsection (d) of Section 853.401 of the
TMRS Act, the deposits required to be made to the System by employees of the several
participating departments on account of current service shall be calculated from and after the
effective date of this ordinance on the full amount of such person's compensation as an
employee of the City.
Section 2.
Effective Date.
Subject to approval by the Board of Trustees of the System, this ordinance shall be and
become effective on the 1st day of January, 1992.
PASSED BY THE CITY COUNCIL of the City of Beaumont this the, day
of SO ,1991.
ATTEST: APPROVED:
a
CITY CLERK MAYOR