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<br /> <br /> <br /> <br /> <br /> <br /> <br /> ORDINANCE N0. 93-050 <br /> <br /> <br /> AN ORDINANCE AUTHGRIZINU AND ALLOWING, UNDER T'HE ACT <br /> GOVERNING THE TEXAS MUNICIPAL RETIREMENT SYSTEM, "UPDATED <br /> SERVICE CREDITS" IN SAID SYSTEM ON AN ANNUAL BASIS FOR <br /> SERVICE PERFORMED BY QUALIF'YING MEMBERS OF SUCH SYSTEM WHO AT <br /> THE EFFECTIVE DATE OF THE ALLOWANCE ARE IN THE EMPLOYMENT OF <br /> THE CITY OF PARIS; PROVIDING FOR INCREASED PRIOR AND CURRENT <br /> SERVICE ANNUITIES FOR RETIREES AND BENEFICIARIES OF DECEASED <br /> RETIREES OF THE CITY; AND PROVIDING FOR AN EFFECTIVE DATE OF <br /> JANUARY 1, 1994. <br /> BE IT ORDAINEL' }3Y THE CITY COUNCIL OF THE CITY OF PARIS: <br /> Section 1. Authorization ot Updated Service <br /> Credits. <br /> <br /> (a) On the terms and conditions set out in Sections <br /> 853.401 through 853.404 of Subtitle G of Title 8, V.T.C.A, <br /> Government Code, as amended, (hereinafter referred to as the <br /> "TMRS ACT"), each member of the Texas Municipal Retirement <br /> System (hereiriafter referred to as the "System") who has <br /> current service credit or prior service credit in said System <br /> in force and effect on the lst day of January of the calendar <br /> year preceding such allowance, by reason of service in the <br /> employment of the City of Paris (hereinafter called the <br /> "City"), and on such date has at least 36 months of credited <br /> service with said System, shall be and is hereby allowed <br /> "Updated Service Credit" (as that term is defined in <br /> Subsection (d) of Section $53.402 of the TMRS Act). <br /> (b) On the terms and conditions set out in Section <br /> 853.601 of the TMRS Act, any member of the System who is <br /> eligible for Updateci Service Credits on the basis of service <br /> with this City, who has unforfeited credit for prior service <br /> and{or current service with another participating <br /> municipality or municipalities by reason of previous service, <br /> and was a contributing member on January l, 1993, shall be <br /> credited with Updated Service Credits pursuant to, calculated <br /> in accordance with, and subject to adjustment as set forth ir, <br /> said 853.601, both as to the initial grant hereunder and all <br /> future grants under this ordinance. <br /> (c) The Updated Service Credit hereby allowed and <br /> provided for shall be 100% of the "base Updated Service <br /> Credit" of the member (calculated as provided in Subsection <br /> (c) of Section 853.402 of the TMRS Act). <br /> (d) Each Updated Service Credit allowed hereunder shall <br /> replace any Updated Service Credit, prior service credit, <br /> special prior service credit, or antecedent service credit <br /> previc,usly authorized for part of the same service. <br /> (e) In accordance with the provision of Subsection (d) <br /> of Section 853.401 of the TMRS Act, the deposits required to <br /> be made to the System by employees of the several partici- <br /> pating departments on account of current service shall be <br /> calculated from and after the effective date of this <br /> ordinance on the full amount of such person's compensation as <br /> an employee of the City. <br /> Section 2. Increase in Retirement Annuities. <br /> (a) On terms and conditions set out in Section 854.203 <br /> of the TMRS Act, the City hereby elects to allow and to <br /> provide for payment of the increases below stated in monthly <br />