HomeMy WebLinkAboutOrdinance No. 623 CITY OF THE COLONY, TEXAS
ORDINANCE NO. ~ p~
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 THE
COLONY; AND ESTABLISHING AN EFFECTIVE DATE FOR SUCH
ACTIONS; AFFECTING PARTICIPATION OF CITY EMPLOYEES IN
THE TEXAS MUNICIPAL RETIREMENT SYSTEM; GRANTING THE
ADDITIONAL RIGHTS, CREDITS AND BENEFITS AUTHORIZED BY
SECTIONS 64.202(f), 64.204, 64.405, 64.404 AND 64.410
OF TITLE 110B, REVISED CIVIL STATUTES OF TEXAS, 1925,
AS AMENDED BY THE 70TH LEGISLATURE; AND PRESCRIBING THE
EFFECTIVE DATE OF THIS ORDINANCE
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF THE
COLONY, TEXAS:
Section 1. Authorization of Updated Service Credits
(a) On the terms and conditions set out in Sections 63.401
through 63.403 of Title ll0B, Revised Civil Statutes of Texas,
1925, amended, each member of the Texas Municipal Retirement
System who has current service credit or prior service in said
System in force and effect of the 1st day of January, 1989, by
reason of service in the employment of the City of The Colony
(the City), 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 in defined in subsection (d) of
Section 63.402 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 63.402 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 63.601 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 municipalities by reason of previous service, and
was a contributing member on January 1, 1989, shall be credited
with Updated Service Credits pursuant to, calculated in
accordance with, and subject to adjustment as set forth in said
63.601.
(c) In accordance with the provisions of subsection of (d)
of Section 63.401 of said title, the deposits requires 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 persons's earnings as an employee of the City.
Section 2. Effective Date. 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 1st day of January, 1990.
BE IT FURTHER ORDAINED BY THE CITY COUNCIL OF THE COLONY,
TEXAS:
Section 1. Pursuant to the provisions of Sections
64.202(f), 64.204, 64.405, 64.406, and 64.410 of Subtitle G of
Title ll0B, Revised Civil Statutes of Texas, 1925, as amended by
the 70th Legislature of the State of Texas, Regular Session,
which Subtitle shall herein be referred to as the "TMRS Act," the
City of The Colony, Texas (the City), adopts the following
provisions affecting participation of its employees in the Texas
Municipal Retirement System (which retirement system shall herein
be referred to as the "System"):
(a) Any employee of this city who is a member of the System
is eligible to retire and receive a service retirement annuity,
if the member has at least 25 years of credited service in that
system performed for one or more municipalities that have
participation dates after September 1, 1987, or have adopted a
like provision under Section 64.202 (f) of the TMRS Act.
(b) If a "vested member," as that term is defined in Section
64.204(b) of the TMRS Act, shall die before becoming eligible for
service retirement and leaves surviving a lawful spouse whom the
member has designated as beneficiary entitled to payment of the
member's accumulated contributions in event of the member's death
before retirement, the surviving spouse may by written notice
filed with the System elect to leave the accumulated deposits on
deposit with the System subject to the terms and conditions of
said Section 64.204(b). If the accumulated deposits have not
been withdrawn before such time as the member, if living, would
have become entitled to service retirement, the surviving spouse
may elect to receive, in lieu of the accumulated deposits, an
annuity payable monthly thereafter during the lifetime of the
surviving spouse in such amount as would have been payable had
the member lived and retired at that date under a joint and
survivor annuity (Option 1) payable during the lifetime of the
member and continuing thereafter during the lifetime of the
surviving spouse.
(c) At any time before payment of the first monthly benefit
of an annuity, a surviving spouse to whom subsection (B) applies
may, upon written application filed with the System, received of
the accumulated contributions standing to the account of the
member in lieu of any benefits otherwise payable under this
section. In the event such a surviving spouse shall die before
payment of the first monthly benefit of an annuity allowed under
this section, the accumulated contributions credited to the
account of the member shall be paid to the estate of such spouse.
(d) The rights, credits and benefits hereinabove authorized
shall be in addition to the plan provisions heretofore adopted
and in force at the effective day of this ordinance pursuant to
the TMRS Act.
(e) Any employee of this City who is a member of the System
is eligible to retire and receive a "standard occupational
disability annuity" under Section 64.408 of the TMRS Act or an
"Optional occupational disability retirement annuity: under
Section 64.410 of the TMRS Act upon making application therefor
upon such form and in such manner as may be prescribed by the
Board of Trustees: (1) that the member is physically or mentally
disabled for further performance of the duties of the member's
employment; (2) that the disability is likely to be permanent;
and (3) that the member should be retired. Any annuity granted
under this subsection shall be subject to the provisions of
Section 64.409 of the TMRS Act.
(f) The provisions relating to the occupational disability
program as set forth in section (e) above are in lieu of the
disability program heretofore provided for under Sections 64.301
to 64.308 of the TMRS Act.
Section 2. This ordinance shall become effective on the
first day of January 1990, provided that it has previously been
determined by the Actuary for the System that all obligations of
the City to the municipality accumulation fund, including
obligations hereby undertaken, can be funded by the City within
its maximum contribution rate and~within its amortization period.
PASSED AND APPROVED this /~/--~day of /~/f;~/. , 1989.
APPROVED:
Don Ami~k, Mayor ~ ~ '- '
ATTEST:
Patti A. Hicks, City Secretary