2004-051-ORD AUTHORIZING/ALLOWING UNDER TMRS "UPDATED SERVICE CREDITS" ON ANNUAL BASIS

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ORDINANCE NO. 2004-051 AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF PARIS, PARIS, TEXAS, AUTHORIZING AND ALLOWING, UNDER THE ACT GOVERNING THE TEXAS MUNICIPAL RETIREMENT SYSTEM, "UPDATED SERVICE CREDITS" IN SAID SYSTEM ON AN ANNUAL BASIS FOR SERVICE PERFORMED BY QUALIFYING MEMBERS OF SUCH SYSTEM WHO, AT THE EFFECTIVE DATE OF THE ALLOWANCE, ARE IN THE EMPLOYMENT OF THE CITY OF PARIS; PROVIDING FOR INCREASED PRIOR AND CURRENT SERVICE ANNUITIES FOR RETIREES AND BENEFICIARIES OF DECEASED RETIREES OF THE CITY; MAKING OTHER FINDINGS AND PROVISIONS RELATED TO THE SUBJECT; ESTABLISIDNG AN EFFECTIVE DATE FOR SUCH ACTIONS; AND PROVIDING AN EFFECTIVE DATE OF TIDS ORDINANCE. BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF PARIS, PARIS, TEXAS: Section 1. Authorization of Updated Service Credits. (a) That on the terms and conditions set out in Sections 853.401 through 853.404 of Subtitle G of Title 8, V.T.C.A. Government Code, as amended (hereinafter referred to as the "TMRS Act"), each member of the Texas Municipal Retirement System (hereinafter referred to as the "System") who has current service credit or prior service credit in the System in force and effect on the 1st day of January of the calendar year preceding such allowance by reason of service in the employment of the City of Paris, and on such date, had at least 36 months of credited service with the System, shall be, and is hereby, allowed "Updated Service Credit" (as that term is defined in subsection (d) of Section 853.402 of the TMRS Act) in an amount that is 100% of the base "Updated Service Credit" of the member (calculated as provided in subsection (c) of Section 853.402 of the TMRS Act). The Updated Service Credit hereby allowed shall replace any Updated Service Credit, prior service credit, special prior service credit, or antecedent service credit previously authorized for part of the same service. (b) That on the terms and conditions set out in Section 853.601 of the TMRS Act, any member of the System who is eligible for Updated Service Credits on the basis of service with this City who has unforfeited credit for prior service andlor current service with another participating municipality or municipalities by reason of previous service, and was a contributing member on the 1st day of January of the calendar year preceding such allowance, shall be credited with Updated Service Credits pursuant to, calculated in accordance with, and subject to adjustment as set forth in said Section 853.601. (c) That in accordance with the provisions of subsection (d) of Section 853.401 of the TMRS Act, the deposits required to be made to the 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. Section 2. Increase in Retirement Annuities. (a) That on the terms and conditions set out in Section 854.203 of the TMRS Act, the City hereby elects to allow and to provide for payment of the increases below stated in monthly benefits payable by the System to retired employees and to beneficiaries of deceased employees of this City under current service annuities and prior service annuities arising from service by such employees