OR 199 Updated Service Credit under TMRS ORDINANCE NO. 199
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
C0PPELL ; ELECTING AND PRESCRIBING THE EFFEC-
TIVE DATE OF SUCH UPDATED SERVICE CREDITS; AUTHORIZING
AND PROVIDING FOR ALLOWANCE OF INCREASES, AS HEREIN
PROVIDED, IN MONTHLY BENEFITS PAYABLE BY TEXAS MUNICIPAL
RETIREMENT SYSTEM, AFTER THE EFFECTIVE DATE HEREIN
SPECIFIED, TO RETIRED EMPLOYEES AND TO BENEFICIARIES
OF DECEASED EMPLOYEES, UNDER CURRENT SERVICE ANNUITIES
ARISING FROM SERVICE OF SUCH EMPLOYEES TO THIS CITY.
BB IT ORDAINED BY THE CITY COUNCIL OF C0PPEth
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
197S, 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, 19~ 80by reason of
service in the employment of the City of COPPEtt , shall
be and is hereby allowed "updated service credit" (as that term
is defined in said act) in an amount that is ]00 % of the "Base
Updated Service Credit" of the member, calculateTas provided
in said act. The updated service credit hereby allowed shall
be in lieu of and in substitution 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 COPPEhk
(b) In accordance with the provisions of said act, 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.
(c) Subject to approval of the Board of Trustees of Texas
Municipal Retirement System, the updated service credits hereby
granted shall be and become effective the 1st day of January, 19~80.
Section 2. Initial Increases in Annuities in Effect.
(a) Pursuant to Section XVIII of Article 6243h, Vernon's
Texas Civil Statutes as amended and subject to approval by the
Board of Trustees of Texas Municipal Retirement System as provided
in said act, the City of C0PPSLL hereby elects to allow
and to provide for payment of the increases below specified in all
monthly benefits payable by Texas Municipal Retirement System after
the 1st day of January, 19,!~to retired employees and to beneficiaries
of deceased employees of this City under current service annuities and
prior service annuities arising from service of such employee to this
City, and in effect prior to the date last above mentioned.
(b) Each such monthly benefit for the month of January,
19~X80, and each month thereafter shall be increased by S0 %
above the amount of the regular benefit (as distinguishe'R"~om
any supplemental or distributive benefit) in effect for the month
of December, 1979 .
197 .
ATTEST: