HomeMy WebLinkAboutORD 76-141ORDINANCE NO.-
6Wr
ENTITLED AN ORDINANCE DETERMINING TO GRANT,
PROVIDING FOR AND ALLOWING,. UNDER THE ACT
GOVERNING'THE TEXAS MUNICIPAL RETIREMENT
SYSTEM, "UPDATED SERVICE CREDIT" IN --=SAID
SYSTEM FOR SERVICE PERFORMED BY QUALIFYING
MEMBERS OF SUCH SYSTEM IN THE EMPLOYMENT OF
THE CITY OF BEAUMONT; ELECTING AND PRESCRIBING
,THE EFFECTIVE DATE OF SUCH UPDATED SERVICE
CREDITS; AUTHORIZING AND PROVIDING FOR AL-
LCWANCE OF INCREASES, AS HEREIN PROVIDED, IN
NIONTHLY BENEFITS PAYABLE'BY TEXAS MUNICIPAL
RETIMENT SYSTEM, AFTER THE EFFECTIVE DATE
HEREIN SPECIFIED, TO RETIRED EMPLOYEES AND TO
BENEFICIARIES OF DECEASED EMPLOYEES, -UNDER
CURRENT SERVICE ANNUITIES ARISING FROM SERVICE
OF SUCH EMPLOYEES TO THIS CITY.
BE IT ORDAINED BY THE CITY OF BEAUMONT _:-
QAni-inn l _
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 1975, each member-:of�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,:1977, by
reason of service in the employment of the City'of Beaumont, shall be
an6Us hereby allowed "updated service credit" (as that term is defined
in said act) in an amount that is sixty (60%) percent 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 substi-
tution 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 saidact, 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.
(c) Subject to approval of the Board of Trustees of Texas Municipal
Retirement System, the updated service credits hereby granted shall be and
become effective the 1st day of January, 1977.
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