87-063 ORD AFFECTING PARTICIPATION OF CITY EMPLOYEES IN TX MUNICIPAL RETIREMENT SYSTEM

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ORDINANCE N0. $7-063 AN ORDINANCE AFFECTING PARTICIPATION OF CITY EMPLOYEES IN THE TEXAS MUNICIPAL RETIREMENT SYSTEM; GRANTING THE ADDITIONAL RIGHTS, CREDITS AND BENEFITS AUTHORIZED BY SECTIONS 64.202(f), 64.204, 64.405, 64.406 AND 64.410 OF TITLE 110B, REVISED CIVIL STATUTES OF TEXAS, 1925, AS AMENDED BY THE 70TH LEGISLATURE; AND PROVIDING FOR AN EFFECTIVE DATE. BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF PARIS: Section 1. Pursuant to the provisions of Sections 64.202(f), 64.204, 64.405, 64.406, and 64.410 of Subtitle G of Title 110B, Revised Civil Statutes of Texas, 1925, as amended by the 70th Legislature of the State of Texas, Regular Session, which Subtitle shall herein be referred to as the "TMRS Act," the City of Paris, Paris, Texas, adopts the following provision.s affecting participation of its employees in the Texas Municipal Retirement System (which retirement system shall herein be rererred to as the "System"): (a) Any employee af this City who is a member of the System is eligible to retire and receive a service retire- ment annuity, if the member has at least 25 years of credited service in that System perforrned for one or more municipalities that have participation dated after September 1, 1987, or have adopted a like provision under Section 64.202(f) of the TMRS Act. (b) If a"vested member," as that term is defined in Section 64.204(b) of the TMRS Act, shall die before becoming eligible for service retirement and leaves surviving a lawful spouse whom the member has designated as beneficiary entitled to payment of the member's accumulated contribu- tions in event of the member's death before retirement, the surviving spouse may be written notice filed with the System elect to leave the accumulated deposits on deposit with the System subject to the terms and conditions of said Section 64.204(b). If the accumulated deposits have not been withdrawn before such time as the member, if living, would have become entitled to service retirement, the surviving spouse may elect to receive, in lieu of the accumulated deposits, an annuity payable monthly thereafter during the lif_etime of the surviving spouse in such amount as would liave been payable had the member lived and retired at that date under a joint and survivor annuity (Option 1) payable during the lifetime of the member and continuing thereafter during the lifetime of the surviving spouse. (c) At any time before payment of the first monthly benefit o£ an annuity, a surviving spouse to whom subsection (b) applies may, upon written application filed with the System, receive payment of the accumulated contributions standing to the account of the member in lieu of any bene- fits otherwise payable under this section. In the event such a surviving spouse shall die before payment of the first monthly benefit of an annuity allowed under this section, the accumulated contributior_s credited to the account of the member shall be pa.id to the estate of such spouse. (d) The rights, credits and benefits hereinabove authorized shall be in addition to the plan provisions heretofore adopted and in force at the effective date of this ordinance pursuant to the TMRS Act.