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89-033 ORD AUTHORIZING/ALLOWING UNDER ACT GOVERNING TX MUNICIPAL RETIREMENT SYSTEM "UPDATED SERVICE CREDITS" IN SAID SYSTEM
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89-033 ORD AUTHORIZING/ALLOWING UNDER ACT GOVERNING TX MUNICIPAL RETIREMENT SYSTEM "UPDATED SERVICE CREDITS" IN SAID SYSTEM
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11/21/2017 9:03:50 AM
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CITY CLERK
CITY CLERK - Date
9/11/1989
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<br /> <br /> <br /> <br /> <br /> <br /> <br /> ORDINANCE N0. 89-033 <br /> <br /> <br /> <br /> AN ORDINANCE AUTHORIZING AND ALLOWING, UNDER THE ACT <br /> „UpDATED SERVICE <br /> GOVERNING THE TEXAS MUNICIPAL RETIREMENT SYSTEM, <br /> ING <br /> CREDITS" IN SAID SYSTEH pRESENTLYIARE I N THE ~:MPLOYMENTLOFYTHE <br /> NiEMBERS OF SUCH SYSTEM W <br /> CITY OF PARIS; PROVIDING FOR INCREASED PRIOR AND CURRENT SERVICE <br /> ANNUITIES FOR RETIREES, ~OR AN EFFECTIVE DATE ECEASED RETIREES OF <br /> THE CITY; AND PROVIDINU <br /> BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF PARIS: <br /> Section 1. Authorization of Updated Service <br /> Credits. <br /> (a) On the terms and conditions set out in Sections 63.401 <br /> through 63.403 of Title 110B, Revised Civil Statutes of Texas, <br /> 1925, as amended, eac~ SemblC~ ~ d the t orXpriornserpiceRcredemenn <br /> System who has curren <br /> said System in force and eef~mtonthe t ofttheyCityJofuParis~9and <br /> by reason of service in th plYmen edited on such date has at least 36 n allowed r' Upda ed eService 1Creditd <br /> system, shall be and is herey <br /> (as that term is def ined in t~a Seis 1 100%a)of f thect'?base 3 pdated <br /> sai d ti t l e) i n a n a m o u n t r o v i d e c i i n <br /> Service Credit" of the member (calculate d as The U dated <br /> subsection (c) of Section 63.402 of saici title). P <br /> Service Credit hereby allowed shall replace any Updated Servic~e <br /> Credit, prior service credit, special prior service credit, <br /> antecedent service credit previously authorized for part of the <br /> same service. <br /> (b) On the terms and conditions set out in Section 63.601 <br /> of said title, any ee for r UedeSerTexas vice Creditsa on Rtherbasis <br /> System who is eligibl Pdat <br /> of service with this City, and who has unforfeited credit for anoter prior service and/or current service <br /> prevh ouspserviceatand <br /> municipality or municipalit red was a contributing member on January 1, 1989, shacalculat dlten <br /> with Updated Service Credits pursuant to, <br /> accordance with, and subject to adjustment as set forth in said <br /> 63.601. <br /> (c) In accordance with the deoitsnrequireds to be made to <br /> Section 63.401 of said title, Pos <br /> the Texas Municipal Ketire account of cu Prent ese ~vice eshallrbe <br /> participating departments on <br /> calculated from and a ntes as date lthe ~ y tull amount <br /> of such person s earn g <br /> Section 2. Increase in Retirement Annuities. <br /> (a) On terms and conditions set out 1° 1925,o as6amendedf <br /> Title 110B, Revised Civil Statutes ot Texas, ide for <br /> the City af e Paris stated inlmonthly bene Prtsovpayable <br /> payment of th empl by the Texas Retirement unde~ycurrent <br /> to beneticiaries of decease <br /> service annuities and prior service annAnt annu tlSingreased <br /> service by such employees to this City. y <br /> under this section replaces any annuity or increased annuity <br /> previously granted to the same person. <br /> (b) The amount of annTior and currentnservicesannu ties on <br /> computed as the sum of the p on whose service <br /> the effective date ot retirement of the Pe0r,~oon s of the percentage <br /> the annuities are based, multiplied by 7 <br />
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