1980-11-05 Regular Meeting - Laserfiche WebLink

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• • ORDINANCE N0. 1237 AN ORDINANCE DETERMINING TO GRANT, PROVIDING FOR AND ALLOWING, UNDER THE ACT GOVERNING THE TEXAS MUNICIPAL RETIREMENT SYSTEM: "UPDATED SERVICE CREDIT" IN SAID SYSTEM FOR SERVICE PERFORMED BY QUALIFYING MEMBERS OF SUCH SYSTEM IN THE EMPLOYMENT OF THE CITY OF ,LA PORTE, ELECTING AND PRESCRIBING-THE EFFECTIVE DATE OF SUCH UPDATED SERVICE CREDITS, AUTHORIZING AND PROVIDING FOR ALLOWANCE OF INCREASES IN MONTHLY BENEFITS PAYABLE BY TEXAS MUNICIPAL RETIREMENT SYSTEM TO RETIRED EMPLOYEES AND TO BENEFICIARIES OF DECEASED EMPLOYEES, UNDER CURRENT SERVICE ANNUITIES ARISING FROM SERVICE OF SUCH EMPLOYEES TO THTS CITY; THE ADOPTION OF THE PLAN PROVISIONS OF SECTION XX OF ARTICLE 6243h, VERNON'S TEXAS CIVIL STATUTES, AND GRANTING THE ADDI- TIONAL RIGHTS, CREDITS, AND BENEFITS THEREIN AUTHORIZED; THE PARTICIPATION OF THE CITY IN THE SUPPLEMENTAL DEATH BENEFITS FUND OF THE TEXAS MUNICIPAL RETIREMENT SYSTEM, TO PR(~VTDF C'.FR- TAIN IN-SERVICE DEATH BENEFITS FOR EMPLOYEES , ,?~NI? 1L`~E~a!`ki 1~ENF• FITS FOR ANNUITANTS WHOSE LAST EMPLOYMENT BEFORE RETIREI+R;tY`.l' WAS WITH THE CITY OF LA PORTE, TEXAS; ALLOWING CERTAIN EMPLOYEES OF THE CITY WHO HAVE TERMINATED PREVIOUS MEMBERSHIPS IN THE TEXAS MUNICIPAL RETIREMENT SYSTEM, TO DEPOSIT THE SUMS SO WITH- DRATM1iN, PLUS ANNUAL WITHDRAWAL CHARGES, AND ALLOWING AND UNDER- . TAKING THE COST OF ALLOWING ANY SUCH EMPLOYEE CREDIT IN SUCH SYSTEM FOR ALL SERVICES TO WHICH SUCH EMPLOYEE HAD BEEN ENTITLED AT DATE OF SUCH WITHDRAWAL, WITH TFiE EFFECT AS IF ALL SUCH SER- VICE.HAD BEEN PERFORMED AS AN EMPLOYEE C)F THIS CITY. BE IT ORDAINED BY THE CITY COUNCIL OF LA PORTED TEXAS: Section 1. Initial Allowance of Updated Service Credits. (a) On the terms and conditions set out in Section XVII of Article 6243h, Vernon's Texas Civil Statutes, as amended 1975, each member of 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, 1981, by reason of service in the employment of the Gity of La Porte, shall be and is hereby allowed "updated service credit" (as that term is defined in said act) in an amount that is 1008 of the "Base Updated Service Credit" of the member, calculated as provided in said act. The updated • service credit hereby allowed shall be in lieu of and in substitu- tion for all Prior Service Credits, Special Prior Service Credits, and Antecedent Service Credits, if any, heretofore, allowed such member by reason of service with the City of La Porte. • (b) In accordance with the provisions of said act, the de- posits 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 afore- said on the full amount of such person's earnings as an employee of the City.