88-038 ORD AUTHORIZING AND ALLOWING UNDER ACT GOVERNING TX MUNICPAL RETIREMENT SYSTEM "UPDATED SERVICE CREDITS" IN SAID SYSTEM

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ORDINANCE N0. 88-038 AN ORDINANCE AUTHORIZING AND ALLOWING, UNDER THE ACT GOVERNING THE TEXAS MUNICIPAL RETIREMENT SYSTEM, "UPDATED SERVICE CREDITS" IN SAID SYSTEM FOR SERVICE PERFORMED BY QUALIFYING MEMBERS OF SUCH SYSTEM WHO PRESENTLY ARE IN THE EMPLOYMENT 0� T�iE CITY OF PARIS; PROVIDING FOR INCREASED PRIOR AND CL'RRENT SERVICE ANNUITIES FOR RETIREES AND BENEFI- CIARIES OF DECEASED RETIREES OF THE CITY; AND PROVIDING FOR AN EFFECTIVE DATE. BE IT ORDAIN�D BY THE CITY COUNCIL OF THE CITY OF PARIS: Section l. Authorization of Updated Service Credits. (a) On the terms and conditions set out in Sections 63.401 through 63.403 of Title 110B, Revised Civil Statutes of Texas, 1925, as amended, each member of the Texas Municipal Retirement System who has current service credit or prior service credit in said System in force and effect on the lst day of January, 1988, by reason of service in the employir.ent of the City of Paris, and on such date has at least 36 months of credited service with said system, sha11 be and is hereby allowed "Updated Service Credit" (as that term is defined in subsection (d) of Section 63.402 of said title) in an amount that is 100% of the "base Updated Service Credit" of the member (calculated as provided in subsection (c) of Section 63.402 of said title). The Updated Service Credit hereby allowed shall replace any Updated Service Credit, prior service credit, special prior service credit, or antece�.ent service credit previously authorized for part oi the same service. (b) On the t�rms and conditions set out in Section 63.601 of said title, any member of the Texas Municipal Retirement System who i� eligible for Updated Service Credits on the basis of service with this City, and who has unforfeited credit for prior service and/or current service with another participating municipality or municipalities by reason of previous service, and was a contributing member on January 1, 1988, shall be credited with Updated Service Credits pursuant to, calculated in accordance with, and subject to adjustment as set forth in said 63.601. (c) In accordance with the provision of subsection (d) of Section 63.401 of said title, the deposits required to be made to the Texas Municipal Retirement System by employees of the several participating departments on account of current service shall be calculated from and after the date aforesaid on the full amount of such person's earnings as an employee of the City. Section 2, Increase in Retirement Annuities. (a) On terms and conditions set out in Section 64.203 of Title 110B, Revised Civil Statutes of Texas, 1925, as amended, the City of Paris hereby elects to allow and to provide for payment of the increases below stated in monthly benefits payable by the Texas Municipal Retirement System to retired employees and to beneficiaries of deceased employees of this City under current service annuities and prior service annuities arising from service by such employees to this City. An annuity increased under this section replaces any annuity or increased annuity previously granted to the same person.