HomeMy WebLinkAbout1976-1037 - Ordinance - 08/26/1976ORDINANCE NO. 1037
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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 COLLEGE STATION; ELECTING AND PRESCRIBING THE EFFECTIVE 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
DECREASED EMPLOYEES, UNDER CURRENT SERVICE ANNUITIES ARISING FROM SERVICE OF SUCH
EMPLOYEES TO THIS CITY.
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF COLLEGE STATION, 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, 1977 by reason of service
in the employment of the City of College Station, shall be and is hereby allowed
"updated service credit" (as that term is defined in said act) in an amount
that is 100% 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 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 College Station.
(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, 1977.
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 College Station
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, 1977 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, 1977, and each month
thereafter shall be increased by 50% above the amount of the regular benefit (as
distinguished from any supplemental or distributive benefit) in effect for the month
of December, 1976.
PASSED AND APPROVED this 26th day of August, 1976.
ATTEST
City Secretary
AP OVED
Mayor
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