91-053 ORD AUTHORIZING/ALLOWING UNDER ACT GOVERNING TX MUNICIPAL RETIREMENT SYSTEM "UPDATED SERVICE CREDITS" IN SAID SYSTEM ON ANNUAL BASIS

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ORDINANCE N0. 91-053 AN ORDINANCE AUTHORIZING AND ALLOWING, UNDER THE ACT GOVERNING THE TEXAS MUNICIPAL RETIREr1ENT SYSTEM, "UPDATED SERVICE CREDITS" IN SAID SYSTENi UN AN ANNUAL BASIS FOR SERVICE PERFORMED BY QUALIFYING MEMBERS OF SUCH SYSTEM WHO AT THE EFFECTIVE DATE: OF THE ALLOWANCE ARE IN THE EMPLOYNIENT UF THE CITY OF PARIS; PRUVIDING FOR INCREASED PRIOR AND CURRENT SERVICE ANNUITIES FGR I:ETIREES AND BENEFICIARIES OF DECEASED RETIREES OF THE CITY; AND PRUVIDIIvG FOR AN EFFECTIVE DATE OF JANUARY l, 1992. BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF' PARIS: Section l. Authorization of Updated Service ' Credits. (a) On the terms and conditions set aut 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 (hereinatter referred to as the "System") who has current service credit or prior service credit in said System in force and effect on the lst day of January of the calendar year preceding such allowance, by reason of service in the employment of the City of Paris (hereinafter called the "City"), and on such date has at least 36 months of credited service with said System, shall be and is hereby allowed "Updated Service Credit" (as that term is defined in subsection (d) of Section 853.402 of of the TMRS Act). (b) 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 arid/or current service with another participating municipality or municipalities by reason of previous service, and was a contributing member on January l, 1991, shall be credited with Updated Service Credits pursuant to, calculated in accordance with, and subject to adjustment as set forth in said 853.601, both as to the initial grant hereunder and all future grants under this ordinance. (c) The Updated Service Credit hereby allowed and provided for shall be 100% of the "base Upciated Service Credit" of the member (calculated as provided in subsection (c) of Section 853.402 of the TMRS Act). (d) Each Updated Service Credit allowec3 hereunder 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. (e) In accordance with the provision 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 effective date of this ordinance on the full amourit of such person's compensation as an employee of the City. Section 2. Iticrease in Retirement Annuities. (a) On 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 i.ncreases below stated in monthly benefits payable by the System to retired employees and to