HomeMy WebLinkAboutOrdinance No. 149 AN ORDINANCE OF THE CITY OF THE COLONY, TEXAS, PROVIDING FOR
PARTICIPATION IN THE TEXAS MUNICIPAL RETIREMENT SYSTEM BY THE CITY OF
THE COLONY, TEXAS.
WHEREAS, Chapter 75, Acts of the Regular Session, 50th Legislature
(Article 6243h, Vernon's Texas Civil Statutes) as amended, (hereinafter
referred to as the "TMRS Act") established the Texas Municipal Retirement
System, and authorizes the governing body of each city or town to elect,
at its option, to have one or more of the city departments participate
in such System; and
WHEREAS, the governing body of the City of The Colony, Texas,
finds that it will be in the public interest for the city to have its
employees participate in the Texas Municipal Retirement System as herein-
after provided; now, therefore,
BE IT ORDAINED BY THE CITY COUNCIL OF THE COLONY, TEXAS:
Section 1. The City Council of the City of The Colony, Texas,
on behalf of said City hereby exercises its option and elects to have the
City and all of the employees of all departments now existing and those
hereafter created participate in the Texas Municipal Retirement System as
provided in the TMRS Act, and all of the benefits and obligations of such
System are hereby accepted as to such employees.
Section 2. The Mayor is hereby directed to notify the Board of
Trustees of the Texas Municipal Retirement System that the City of The
Colony, Texas, has elected to participate and have the employees of the
city covered in said System.
Section 3. Each person who becomes an employee of any participating
department on or after the effective date of participation of such department
shall become a member of the Texas Municipal Retirement System as a condition
of his employment.
Section 4. In accordance with the provisions of the Statute, the
deposits to be made to the Texas Municipal Retirement System on account
of current service of the employees of the several participating depart-
ments are hereby fixed at the rate of five percent (5%) of the full earnings
of each employee of said departments.
Section 5. Each employee who qualifies for such credit shall be
allowed "Prior Service Credit" (as defined in Subsection 6(b) of Section VI
of the TMRS Act) at the rate of one hundred percent (100%) of the "Base
Prior Service Credit" of such member, calculated in the manner prescribed
in said Act.
Section 6. For each month of Current Service rendered to this
City by each of its employees who are m~bers of Texas Municipal Retire-
ment Syst~, the City will contribute to the current service annuity
reserve of each such member at the t~e of his retirement, a sum that is
200% of such member's accumulated deposits for such month of emplo~ent;
am said sum shall be contributed from the City's account in the Municipality
Current Service Accumulation Fund.
Section 7. The City Secretary is hereby directed to remit to the
Board of Trustees of the Texas Municipal Retirement System, at its office
in Austin, Texas, the city's contributions to the System and the amounts
which shall be deducted from the compensation or payroll of employees,
all as required by said Board under the provisions of the TMRS Act, and
the said official is hereby authorized and directed to ascertain and certify
officially on behalf of the City of The Colony, Texas, the prior se~ice
rendered to the said municipality by each of the employees of the partici-
pating departments, and the average prior service compensation received
by each, and to make and execute all prior service certifications and all
other reports am certifications which may be required of the City of
The Colony, Texas, u~er the provisions of the T~S Act, or in compliance
with the rules and regulations of the Board of Trustees of the Texas
Municipal Retir~ent System.
Section 8. Participation of the above mentioned ~ployees in the
Texas Municipal Retirement System shall become effective on April 1, 1981.
/~READAND~PASSED ON FIRST READING ON THE ~--~ DAY OF
~.,/~-. , 1981.
ED ON SECO~ READING ON THE DAY OF
, 1981.
APPROVED:
DULY RECORDED:
CI~ ATTORNEY