O-1974-1004 - Laserfiche WebLink

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. . ORDINANCE NO. 1004 . AN ORDINANCE TO PROVIDE FOR INCREASED MUNICIPAL CONTRIBUTIONS TO THE CURRENT SERVICE ANNUITY RESERVE AT RETIREMENT OF THE EMPLOYEES OF THE CITY OF LA PORTE; PROVIDING FOR, AND GRANTING "ANTECEDENT SERVICE CREDIT" AND "SPECIAL PRIOR SERVICE CREDIT" AT THE RATES SPECIFIED, TO QUALIFYING EMPLOYEES OF THE CITY OF LA PORTE; AND PROVIDING AN EFFECTIVE DATE HEREOF. BE IT ORDAINED BY THE CITY COMMISSION OF THE CITY OF LA PORTE: Section 1. That effective January 1, 1975, for each month of current service thereafter rendered by each of its employees who are members of the Texas Municipal Retirement . System, the City of La Porte will contribute to the current service annuity reserve of each such member at the time of his retirement, a sum that is 200% 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 Current Accumulation Fund. Section 2. Each person who is an employee of the City of La Porte on the 31st day of December, 1974, and who is at that date a member of the Texas Municipal Retirement System shall be allowed, and, upon the terms and conditions prescribed by Section XVI of Article 6243H, Vernon's Texas . Civil Statutes, as amended by Chapter 371, Acts Regular Session, 6lst Legislature, is hereby granted, effective on the date last above mentioned, "antecedent service credit" (as that term is defined in said Act) calculated on the basis of 100% of each current service deposit actually made by such person with the Texas Municipal Retirement System during each month of current service performed for this City prior to the 1st day of January, 1975. .