17 Public Information
9/18/2007 11:27:08 AM
9/18/2007 11:27:08 AM
City Secretary - Doc Type
City Secretary - Retention
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<br />07-M-39 <br /> <br />ORDINANCE NO. <br /> <br />AN ORDINANCE BY THE CITY COUNCIL OF THE CITY OF <br />SCHERTZ, TEXAS AN ORDINANCE AUTHORIZING AND <br />ALLOWING, UNDER THE ACT GOVERNING THE TEXAS <br />MUNICIPAL RETIREMENT SYSTEM, "UPDATED SERVICE <br />CREDITS" IN SAID SYSTEM ON AN ANNUAL BASIS FOR <br />SERVICE PERFORMED BY QUALIFYING MEMBERS OF <br />SUCH SYSTEM WHO AT THE EFFECTIVE DATE OF THE <br />ALLOWANCE ARE MEMBERS OF THE CITY OF SCHERTZ; <br />PROVIDING FOR INCREASED PRIOR AND CURRENT <br />SERVICE ANNUITIES FOR THE RETIREES AND <br />BENEFICIARIES OF DECEASED RETIREES OF THE CITY; TO <br />INCREASE THE RATE OF DEPOSITS TO THE TEXAS <br />MUNICIPAL RETIREMENT SYSTEM BY THE EMPLOYEES <br />OF THE CITY; AND ESTABLISHING AN EFFECTIVE DATE <br />FOR THE ORDINANCE. <br /> <br />BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF SCHERTZ, <br />TEXAS: <br /> <br />SECTION 1. Authorization of Updated Service Credits. <br /> <br />(a) On the terms and conditions set out in Section 853.401 through 853.404 of <br />Subtitle G of Title 8, Government Code, as amended (hereinafter referred to as <br />the "TMRS ACT"), each member of the Texas Municipal Retirement System <br />(hereinafter referred to as the "System") who has current service credit or prior <br />service credit in the System in force and effect on the 1st day of January of the <br />calendar year preceding such allowance, by reason of service in the employment <br />of the City, and on such date had at least 36 months of credited service with the <br />System, shall be and is hereby allowed "Updated Service Credit" (as that term <br />is defined in subsection (d) of Section 853.402 of the TMRS Act). <br /> <br />(b) The Updated Service Credit hereby allowed and provided for shall be 100% of <br />the "base Updated Service Credit" of the member (calculated as provided in <br />subsection (c) of Section 853.402 of the TMRS Act). <br /> <br />(c) Each Updated Service Credit allowed hereunder shall replace any Updated <br />Service Credit, prior service credit, special prior service credit, or antecedent <br />service credit previously authorized for part of the same service. <br />
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