09-17-06-Ordinance-Texas Municipal Retirement System Updated Service Credits to 6%-09/18/2006#09-17-06 TMRS-Dep USC R
TEXAS MUNICIPAL RETIREMENT SYSTEM
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 EFFECTIVE DATE OF THE ALLOWANCE ARE IN THE
EMPLOYMENT OF THE CITY OF SANGER; TO INCREASE THE RATE OF
DEPOSITS TO THE TEXAS MUNICIPAL RETIREMENT SYSTEM BY THE
cldiPLOYEES OF THE CITY `LZ
ESTABLISHING AN EFFECTIVE DATE FOR THE
ORDINANCE.
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF SANGER, TEXAS:
Authorization of Updated Service Credits.
(a) On the terms and conditions set out in Sections 853.401 through 853.404 of
SubtitleG 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 (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) The Updated Service Credit hereby 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). If the City has previously adopted, or if it hereafter adopts
an ordinance authorizing Updated Service Credit for unforfeited credit for prior service or
current service vvitl i ary other participating municipality, the calculations and adjustments set
forth in Section 853.601 of the TMRS Act shall apply to any such transferred service.
(c) 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.
(d) The initial allowance of Updated Service Credit hereunder shall be effective on
January 1, 2007, 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.
Page 2.
(e) In accordance
TMRS Act, the deposits rec
participating departments on
effective date of this ordina
employee of the City.
with the provisions of subsection (d) of Section 853.401 of the
uired to be made to the System by employees of the several
account of current service shall be calculated from and after the
ice on the full amount of such person's compensation as an
BE IT FURTHER ORDAINED:
That all employees of the City of Sanger, 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 1 st day of =. I h a Y_, 200 .
-i
Passed and approved this the day of JUhl 200 _.
ATTEST:
APPROVED: