HomeMy WebLinkAboutOrdinance No. 672 CITY OF THE COLONY, TEXAS
ORDINANCE NO. 672
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;
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF THE
COLONY, TEXAS:
Section 1. Authorization of Updated Service Credit:~
(a) On the ~erms and conditions set out in Sections 853.401
through 853.403 of Subtitle 8, V.T.C.A., Government Code, as
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, 1990, 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
853.402 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 853.402 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 853.601
of said title any member of the Texas Municipal Retirement System
who is eligible for Updated Service Credits on the basis of
service with %his 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, 1990, shall be credited
with Updated Service Credits pursuant to, calculated in
accordance with, and subject to adjustment as set forth in said
853.601.
(c) In accordance with the provisions of subsection of (d)
of Section 853.401 of said title, 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 persons's earnings as an employee of the City.
Updated Service Credits Ordinance (continued) Page 2.
~ection 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 3anuary) 1991.
ATTEST: APPROVED:
'lry 3ecre~ary or Cler~
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