HomeMy WebLinkAboutOrdinance 1495
ORDINANCE NO. 1495
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 OF THE CITY OF NORTH RICHLAND HILLS; PROVIDING FOR INCREASED
MUNICIPAL CONTRIBUTIONS 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 EMPLOYEES 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 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 1st day of January,
1988, 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 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 antecedent service credit previously authorized
for part of the same service.
(b) On the terms and conditions set out in Section 63.601 of said title,
any member of the Texas Municipal Retirement System who is 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 Jarjuary 1, 1986, shall be credited with Up.dated Service
Credits pursuant to, calculated in accõrdance 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 members of the Texas Municipal Retirement System, shall make
deposits to the System at the rate of 7% of their individual earnings. However,
this rate shall n~t 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 members of the Texas
Municipal Retirement System, the City will contribute to the current annuity
reserve of each such member at the time 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 become effective on the 1st
day of January, 1988.
Passed and approved this the
28th day of
September
, 19 87.
ATTEST:
APPROVED:
n~~JL£L~~~
'~~City Secretary or Clerk
~~
Mayor
APPROVED AS TO FORM AND LEGALITY:
:~~
A