HomeMy WebLinkAboutOrdinance 1165
ORDINANCE NO. 1165
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 OF NORTH RICHLAND HILLS,
TEXAS 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, 1985, 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 said 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 January 1, 1984, 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. 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, 1985.
· Ordinance No. 1165
Pa'ge 2
BE IT FURTHER ORDAINED BY THE CITY COUNCIL OF NORTH RICHLAND HILLS, TEXAS:
That effective January 1, 1985, 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 service
annuity reserve of each such member at the time of his or her retirement, a
sum that is 150% 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.
Passed and approved this the 12th day of November, 1984.
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Mayor
ATTEST:
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~nette Moore, City Secretary
APPROVED AS TO FORM AND LEGALITY:
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Rex McEntire, City Attorney