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2005-061-ORD AUTHORIZING/ALLOWING UNDER ACT GOVERNING TEXAS MUNICIPAL RETIREMENT SYSTEM "UPDATED SERVICE CREDITS" IN SAID SYSTEM
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2005-061-ORD AUTHORIZING/ALLOWING UNDER ACT GOVERNING TEXAS MUNICIPAL RETIREMENT SYSTEM "UPDATED SERVICE CREDITS" IN SAID SYSTEM
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8/18/2006 4:36:18 PM
Creation date
12/6/2005 11:32:27 AM
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CITY CLERK
Doc Name
2005
Doc Type
Ordinance
CITY CLERK - Date
11/21/2005
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<br />ORDINANCE NO. 2005-061 <br /> <br />AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF PARIS, <br />PARIS, TEXAS, AUTHORIZING AND ALLOWING, UNDER THE ACT <br />GOVERNING THE TEXAS MUNICIPAL RETIREMENT SYSTEM, <br />"UPDATED SERVICE CREDITS" IN SAID SYSTEM FOR SERVICE <br />PERFORMED BY QUALIFYING MEMBERS OF SUCH SYSTEM WHO <br />PRESENTL Y ARE IN THE EMPLOYMENT OF THE CITY OF PARIS, <br />TEXAS; PROVIDING FOR INCREASED PRIOR AND CURRENT SERVICE <br />ANNUITIES FOR RETIREES AND BENEFICIARIES OF DECEASED <br />RETIREES OF THE CITY; MAKING OTHER FINDINGS AND PROVISIONS <br />RELATED TO THE SUBJECT; AND ESTABLISHING AN EFFECTIVE <br />DATE FOR SUCH ACTIONS. <br /> <br />BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF PARIS, PARIS, <br />TEXAS: <br /> <br />Section 1. Authorization of Updated Service Credits. <br /> <br />(a) That on the terms and conditions set out in Sections 853.401 through 853.403 of Subtitle G <br />of Title 8, Government Code, as amended (hereinafter referred to as the "TMRS ACT"), each <br />member ofthe Texas Municipal Retirement System (hereinafter referred to as the "System") who has <br />current service credit or prior service credit in the System in force and effect on the 1 st day of <br />January of the calendar year preceding such allowance, by reason of service in the employment of <br />the City, and on such date has at least 36 months of credited service with the System, shall be and <br />is hereby allowed "Updated Service Credit" (as that term is defined in subsection (d) of Section <br />853.402 of said title) in an amount that is 100% ofthe "base Updated Service Credit" ofthe member <br />(calculated as provided in subsection (c) of Section 853.402 of said title). The Updated Service <br />Credit hereby allowed shall replace any Updated Service Credit, prior service credit. special prior <br />service credit, or antecedent service credit previously authorized for part of the same service. <br /> <br />(b) That on the terms and conditions set out in Section 853.601 of said title, any member of the <br />System who is eligible for Updated Service Credits on the basis of service with this City, and who <br />has unforfeited credit for prior service and/or current service with another participating municipality <br />or municipalities by reason of previous service, and was a contributing member on the 1 st day of <br />January of the calendar year preceding such allowance, shall be credited with Updated Service <br />Credits pursuant to, calculated in accordance with, and subject to adjustment as set forth in said <br />Section 853.601. <br /> <br />(c) That in accordance with the provisions of subsection (d) of Section 853.401 of said title, the <br />deposits required to be made to the System by employees of the several participating departments <br />on account of current service shall be calculated from and after the date aforesaid on the full amount <br />of such person's earnings as an employee of the City. <br />
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