014-89-Ordinance-Texas Municipal Retirement System Updated Service Credits-09/18/1989TMRS-C/A-F
CITY OF SANGER, TEXAS
ORDINANCE #014-89
TEXAS MUNICIPAL RETIREMENT SYSTEM
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 SANGER; AND ESTABLISHING AN EFFECTIVE DATE
FOR SUCH ACTIONS; AND PROVIDING FOR INCREASED
MUNICIPAL CONTRIBUTIONS TO THE CURRENT
SERVICE ANNUITY RESERVE AT RETIREMENT OF THE
EMPLOYEES OF THE CITY OF SANGER, TEXAS.
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF SANGER, 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 110B,
Revised Cl Statutes of Texas, 1925, as amended, each member of the Texas Municipal
Retirement System who has current service credit or prior service credit in said System in
force and effect on the 1st day of January, 1989, by reason of service in the employment of
the City of Sanger, 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 is 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) In accordance with the provisions of subsection (d) of Section 63.401 of said title,
the deposits required to be made to the Texas Municipal Retirement System by employees of
Me several participating departments on account of current service shall be calculated from
and after the date aforesaid on the full amount of such person's earnings as an employee of
the City.
Section 2. Effective Date.
Subjecfi 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.
ORD. #014-89
BE IT FURTHER ORDAINED BY THE CITY COUNCIL OF SANGER, TEXAS: PAGE 2
That effective January 1, 1990, for each month of current service thereafter rendered
by each of its employees who are members of the Texas Municipal Retirement System, the
City will contribute to the current service annuity reserve of each such member at the time
of his or her retirement, a sum that is 150% of such member's accumulated deposits for such
month of employment; and said sum shall be contributed from the City's account in the
municipality accumulation fund.
Passed and approved this the -- day of V41 tQ
ATTEST:
.r y ecre dry r .ier K
APPROVED: