86-18-Ordinance-Texas Municipal Retirement System Updated Service Credits-08/18/1986ORDINANCE 86-18
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 EI4IPLOYMENT O THE CITY
OF BANGER; AND ESTABLISHING AN EFFECTIVE DATE
FOR SUCH ACTIONS.
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF BANGER, 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 Civil, 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, 198 7, 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
the 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. 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 January, 198j.
Passed and approved this they/ day of , 19
ATTEST:
APPROVED:
City S
"etary
Mayor