HomeMy WebLinkAboutOrdinance No. 729 CITY OF THE COLONY~ TEXAS
ORDINANCE NO.
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 E'FFECTIVE DATE OF T~ ALLOWANCE ARE IN THE
EMPLOYMENT OF THE CITY OF THE cOLONY; AND ESTABLISHING AN
EFFECTIVE DATE FOR THE ORDINANCE
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF THE COLONY~
TEXAS:
Section ]. Authorization of Updated Service Credits
(a) On the terms and conditions set out in Sections 853.404
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 in the System in force and effect of the ]st day of
January of the calendar year preceding such allowance, by reason of
service in the employment of the City of The Colony (hereinafter
called the "City"), and on 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 ] , ]992,
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 initial grant hereunder
and all future grants under this ordinance.
(c) The Updated Service Credit hereby allowed and provided for
shall be ]00% 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 |, ]992, 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 853.40] 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, the ordinance shall be and become
effective on the 1st day of January, 1992. ~
AND APPROVED this /(~-._~day of~, ]991.
PASSED
APPROVED:
William W. Manning, May~
ATTEST:
Patti A. Hicks~ CMC
City Secretary
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