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DRAFT <br />F:ALICE\ORDWORK\CURRENT\ TMRS Updated Service Credits - Amended - 2004 <br />September 28, 2004 <br />ORDINANCE NO. <br />AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF PARIS, <br />PARIS, TEXAS, AUTHORIZING AND ALLOWING, LTNDER THE ACT <br />GOVERIVING THE TEXAS MLTNICIPAL RETIREMENT SYSTEM, <br />"UPDATED SERVICE CREDITS" IN SAID SYSTEM ON AN ANNLJAL <br />BASIS FOR SERVICE PERFORMED BY QUALIFYING MEMBERS OF <br />SUCH SYSTEM WHO, AT THE EFFECTIVE DATE OF THE <br />ALLOWANCE, ARE IN THE EMPLOYMENT OF THE CITY OF PARIS; <br />PROVIDING FOR INCREASED PRIOR AND CLTRRENT SERVICE <br />ANNLTITIES FOR RETIREES AND BENEFICIARIES OF DECEASED <br />RETIREES OF THE CITY; MAKING OTHER FINDINGS AND <br />PROVISIONS RELATED TO THE SUBJECT; ESTABLISHING AN <br />EFFECTIVE DATE FOR SUCH ACTIONS; AND PROVIDING AN <br />EFFECTIVE DATE OF THIS ORDINANCE. <br />BE IT ORDAINED BY THE CITY COLTNCIL OF THE CITY OF PARIS, PARIS, <br />TEXAS: <br />Section 1. Authorization of Updated Service Credits. <br />(a) That on the terms and conditions set out in Sections 853.401 through 853.404 of <br />Subtitle G of Title 8, V.T.C.A. Government Code, as amended (hereinafter referred to as the <br />"TMRS Act"), each member of the Texas Municipal Retirement System (hereinafter referred to <br />as the "System") who has current service credit or prior service credit in the System in force and <br />effect on the 1 st day of January of the calendar year preceding such allowance by reason of service <br />in the employment of the City of Paris, and on such date, had at least 36 months of credited <br />service with the System, sha11 be, and is hereby, allowed "Updated Service Credit" (as that term <br />is defined in subsection (d) of Section 853.402 of the TMRS Act) in an amount that is 100 % of <br />the base "Updated Service Credit" of the member (calculated as provided in subsection (c) of <br />Section 853.402 of the TMRS Act). The Updated Service Credit hereby allowed shall replace any <br />Updated Service Credit, prior service credit, special prior service credit, or antecedent service <br />credit previously authorized for part of the same service. <br />(b) That on the terms and conditions set out in Section 853.601 of the TMRS Act, any <br />member of the System who is eligible for Updated Service Credits on the basis of service with this <br />City who has unforfeited credit for prior service and/or current service with another participating <br />municipality or municipalities by reason of previous service, and was a contributing member on <br />the 1 st day of January of the calendar year preceding such allowance, shall be credited with <br />Updated Service Credits pursuant to, calculated in accordance with, and subject to adjustment as <br />set forth in said Section 853.601. <br />(c) That in accordance with the provisions of subsection (d) of Section 853.401 of the <br />TMRS Act, the deposits required to be made to the System by employees of the several <br />participating departments on account of current service shall be calculated from and after the date <br />aforesaid on the full amount of such person's earnings as an employee of the City. <br />