1987-11-23 Regular Meeting - Laserfiche WebLink

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e O:.(~"'i...... f!X~ \I J ~ '\, '. l~ " ,;0." " ~-- T\1 RS-A(505) -' e ORDINANCE NO. 1567 TEXAS MUNICIPAL RETIREMENT SYSTEM AN ORDINANCE AFFECTING PAR TICIP A TION OF CITY EMPLOYEES IN THE TEXAS MUNICIPAL RETIREMENT SYSTEM; GRANTING THE ADDITIONAL RIGHTS, CREDITS AND BENEFITS AUTHORIZED BY SECTIONS 64.202{f), 64.204, 64.405, 64.406 AND 64.410 OF tiTLE 110B, REVISED CIVIL STATUTES OF TEXAS, 1925, AS AMENDED BY THE 70TH LEGISLATURE; AND PRESCRIBING THE EFFECTIVE DATE OF THIS ORDINANCE. BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF LA PORI'E , TEXAS: Section 1. Pursuant to the provisions of Sections 64.202(f), 64.204, 64.405, 64.406, and 64';410 of Subtitle G of Title 110B, Revised Civil Statutes of Texas, 1925, as amended by the 70th Legislature of the State of Texas, Regular Session, which Subtitle shall herein be referred to as the "TMRS Act," the City of La Porte , Texas, adopts the following provisions affecting participation of its employees in the Texas Municipal Retirement System (which retirement system shall herein be referred to as the "System"): (a) Any employee of this City who is a member of the System is eligible to retire and receive a service retirement annuity, if the member has at least 25 years of credited service in that System performed for one or more municipalities that have participation dates after September 1, 1987, or have adopted a like provision under Section 64.202(f) of the TMRS Act. (b) If a "vested member," as that term is defined in Section 64.204(b) of the TMRS Act, shall die before becoming eligible for service retirement and leaves surviving a lawful spouse whom the member has designated as beneficiary entitled to payment of the member's accumulated contributions in event of the member's death before retirement, the surviving spouse may by written notice filed with the System elect to leave the accumulated deposits on deposit with the System subject to the terms and conditions of said Section 64.204(b). If the accumulated deposits have not been withdrawn before such time as the member, if living, would have become entitled to service retirement, the surviving spouse may elect to receive, in lieu of the accumulated deposits, an annuity payable monthly thereafter during the lifetime of the surviving spouse in such amount as would have been payable had the member lived and retired at that date under a joint and survivor annuity (Option 1) payable during the lifetime of the member and continuing thereafter during the lifetime of the surviving spouse. (c) At any time before payment of the first monthly benefit of an annuity, a surviving spouse to whom subsection (b) applies may, upon written application filed with the System, receive payment of the accumulated contributions standing to the account of the member in lieu of any benefits otherwise payable under this section. In the event such a surviving spouse shall die before payment of the first monthly benefit of an annuity allowed under this section, the accumulated contributions credited to the account of the member shall be paid to the esta te of such spouse. (d) The rights, credits and benefits hereinabove authorized shall be in addition to the plan provisions heretofore adopted and in force at the effectiVe date of this ordinance pursuant to the TMRS Act. (e) Any employee of this City who is a member of the System is eligible to retire and receive a "standard occupational disability annuity" under Section 64.408 of the TMRS Act or an "optional occupational disability retirement annuity" under Section 64.410 of the TMRS Act upon making application therefor upon such form and in such manner as may be prescribed by