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19-95-Ordinance-Texas Municipal Retirement System Military Service Deposits-11/06/1995G\4 REi/q 0 Y dl AusrsN TMRS-J TEXAS MUNICIPAL RETIREMENT SYSTEM Ordinance 1 9 - 9 5 AN ORDINANCE ALLOWING CERTAIN EMPLOYEES OF THE CITY, WHO PERFORMED OR HEREAFTER PERFORM ACTIVE SERVICE IN THE ARMED FORCES (OR THEIR RESERVES OR AUXILIARIES) OF THE UNITED STATES UNDER HONORABLE CONDITIONS, TO APPLY AND MAKE DEPOSITS FOR, AND TO RECEIVE SPECIAL CREDIT WITH THE TEXAS MUNICIPAL RETIREMENT SYSTEM FOR LIMITED PORTIONS OF SUCH MILITARY SERVICE, AND PROVIDING FOR PAYMENT BY THE CITY OF SANGER ITS SHARE OF THE COSTS OF ALLOWING SUCH CREDITS. BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF SANGER, TEXAS: Section 1. Pursuant to Section 853.502, Subchapter F of Chapter 853, Title 8, Government Code as amended, the City of Sanger hereby elects to allow eligible members in its employment to establish credit in the Texas Municipal Retirement System for active military service performed as a member of the armed forces or armed forces reserves of the United States or an auxiliary of the armed forces or armed forces reserves. Eligible members as used herein shall be those employees meeting the criteria set forth in Sections 853.502(b) and 853.503 of said Subchapter F, and the amount and use of creditable military service shall be as further set forth in Section 853.505. Section 2. In order to establish credit for military service hereunder, a member must deposit with the Texas Municipal Retirement System (in that member's individual account in the Employees Saving Fund), an amount equal to the number of months for which credit is sought, multiplied by $15.00. The City of Sanger agrees that its account in the Municipality Accumulation Fund is to be charged at the time of the member's retirement with an amount equal to the accumulated amount paid by the member for military service credit, multiplied by the City's current service matching ratio in effect at the date the member applies for such military service credit. Section 3. This ordinance shall become effective on the 1 st day of 11cem ber ,19q6.0 r Passed and approved this the tot day of Lovzmbeg— , 199. ATTEST: APPROVED: iNU(d t tg t,r Cler Mayor i Z ® i a w °® ®o o