HomeMy WebLinkAboutOrdinance 1587
ORDINANCE NO. 1587
AN ORDINANCE AUI'HORIZING AND ALI..CmING, 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 OF THE CITY OF NORTH
RICHLAND HIU-S; PROVIDING FOR INCREASED MUNICIPAL CONI'RIBUTIONS TO
THE CURRENT SERVICE ANNUITY RESERVE AT RETIREMENT OF THE EMPlOYEES
OF THE CITY; PROVIDING AN INCREASE IN THE RATE OF DEPOSITS TO THE
TEXAS MUNICIPAL RETIREMENT SYSTEM BY THE EMPIOYEES OF THE CITY AND
ESTABLISHING AN EFFECTIVE DATE FOR SUCH ACTIONS.
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF NORTH RICHLAND
HIlLS, TEXAS:
Section 1. Authorization of Updated Service Credits.
(a) On the tenns and conditions set out in Sections 63.401
through 63.403 of Title HOB, Revised Civil Statutes of Texas, 1925,
as amended, each ræmber of the Texas Municipal Retirement System who
has current service creditor prior service credi t in said System in
force and effect on the 1st day of January, 1989, by reason of
service in the employment of the City of North Richland Hills, and on
such date has at least 36 months of credited service with the system,
shall 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 :me.mber
(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 antecedent service credit previously authorized for part of
the same service.
(b) On the tenns and conditions set out in Section 63.601 of said
title, any ræmber of the Texas Municipal Retirement System who is
eligible for Updated Service Credits on the basis of service with the
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, 1987, 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 provisions 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. Increased Employee Deposit Rate. That all employees
of the City who are ræmbers of the Texas Municipal Retirement System,
Ordinance No. 1587
Page 2
shall make deposits to the System at the rate of 7% of their individual
earnings. However, this rate shall not be applied to earnings in
excess of the maximum earnings subject to retirement deductions as
fixed by ordinance.
Section 3. Increased Matching Ratio. For each month of current
service thereafter rendered by each of its employees who are ræmbers of
the Texas Municipal Retirement System, the City will contribute to the
current annuity reserve of each such member at the tirœ of his or her
retirement, a sum that is 200% of such member's accumulated deposits
for such month of employment; and said sum shall be contributed from
the City's account in the municipality accumulation fund.
Section 4. Effective Date. Subject to approval by the Board of
Trustees of Texas Municipal Retirement System, the updated service
credits and increases in retirement annuities granted hereby shall be
and becane effective on the 1st day of January, 1989.
Passed and approved this the
12th day of December , 1988.
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Mayor Pro I em () ,
ATTEST:
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APPROVED AS TO FORM AND LEGALITY:
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ATTORNEY