HomeMy WebLinkAboutOrdinance No. 98-1085 -- ORt IYAL
CITY OF THE COLONY, TEXAS
ORDINANCE NO. 98-1085
AN ORDINANCE AUTHORIZING AND ALLOWING,
UNDER THE ACT GOVERNING THE TEXAS MUNICIPAL
RETIREMENT SYSTEM, "UPDATE SERVICE CREDITS"
IN SAID SYSTEM ON AN ANNUAL BASIS FOR SERVICE
PERFORMED BY QUALIFYING MEMBERS OF SUCH
SYSTEM WHO AT THE EFFECTIVE DATE OF THE
ALLOWANCE ARE IN THE EMPLOYMENT OF THE
CITY OF THE COLONY; INCREASE THE RATE OF
DEPOSITS TO THE TEXAS MUNICIPAL RETIREMENT
SYSTEM BY THE EMPLOYEES; AND ESTABLISHING AN
EFFECTIVE DATE FOR THE ORDINANCE.
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF THE COLONY,
TEXAS:
Section 1. Authorization of Updated Service Credit.
(a) On the terms and conditions set out in Sections 853.401 through 853.404 of
Subtitle G of Title 8, 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 credit in the System in force and effect on the 1 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
the 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 the 1 st day of January of the calendar year preceding such allowance 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 the initial grant thereunder and all
future grants under this ordinance.
(c) The Updated Service Credit allowed and provided for shall be 100% of the "base
Updated Service Credit: of the member (calculated as provided in subsection (c) of Section
853.402 of the TMRS Act).
Ordinance No. 98-1085
TMRS 6% Deposit Page 1 of 2
(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 1, 1999, 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 853.401 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.
BE IT FURTHER ORDAINED:
That all employees of the City, who are members of the Texas Municipal Retirement
System, shall make deposits to the System at the rate of 6% of their individual earnings.
Effective Date: Subject to approval by the Board of Trustees of the system, this ordinance
shall be and become effective on the 1st day of January 1999.
Passed and approved this the 14th day,of December 1998.
MaryXBlair '~k}atts, Mayor
ATTEST:
Patti A. Hicks, TRMC, City Secretary
Ordinance No. 98-1085
TMRS 6% Deposit Page 2 of 2