2004-035-ORD TERMINATING THE AUTOMATICALLY REPEATING ALLOWANCE OF UPDATED SERVICE CREDTS UNDER TMRS

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ORDINANCE NO. 2004-035 AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF PARIS, TEXAS, TERMINATING THE AUTOMATICALLY REPEATING ALLOWANCE OF UPDATED SERVICE CREDITS AND INCREASED PRIOR AND CURRENT SERVICE ANNUITIES UNDER THE TEXAS MUNICIPAL RETIREMENT SYSTEM (TMRS); MAKING OTHER FINDINGS AND PROVISIONS RELATED TO THE SUBJECT; AND ESTABLISmNG AN EFFECTIVE DATE. WHEREAS, the City Council of the City of Paris, Texas, has heretofore adopted an ordinance under Section 853.404 of Subtitle G of Title 8, Government Code, as amended (hereinafter referred to as the "TMRS Act"), authorizing the crediting of updated service credits on an annual basis and increases in prior and current service annuities under the Texas Municipal Retirement System (TMRS) to retirees and beneficiaries of deceased members on an annual basis; and, WHEREAS, Subsection (e)( 4) of Section 853.404 of the TMRS Act provides that such an ordinance ceases to be in effect for future years if the City adopts an ordinance stating that the previous order under Section 853.404 will cease to be in effect for future years; and, WHEREAS, the City Council desires to adopt an ordinance under Subsection (e)(4) of Section 853.404; NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF PARIS, PARIS, TEXAS: Section 1. That the findings set out in the preamble to this ordinance are hereby in all things approved. Section 2. That by the adoption of this ordinance the City Council terminates the annually- repeating allowance of updated service credits and the annually-repeating allowance of increases in prior and current service annuities under the Texas Municipal Retirement System (TMRS) to retirees and beneficiaries of deceased members as to all calendar years beginning after the effective date of this ordinance; provided, however, that nothing contained in this ordinance shall be deemed to preclude the City Council from again adopting an ordinance under Section 853.404 in the future. Section 3. That conditioned upon providing a signed copy of this ordinance to the Texas Municipal Retirement System prior to the date, this ordinance shall become effective on January 1,2005.