Ord 1998-064-B - Laserfiche WebLink

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(e) The amount by which an increase under this Section exceeds all previously granted increases to an annuitant is an obligation of the City and of its account in the municipality accumulation fund of the System. Section 3. Dates of Allowances and Increases. The initial allowance of Updated Service Credit and increase in retirement annuities hereunder shall be effective on January 1, 1999, subject to approval by the Board of Trustees of the System. An allowance of Updated Service Credits and an increase in retirement annuities shall be made hereunder on January 1 of each subsequent year until this ordinance ceases to be in effect under subsection (e) of Section 853.404 of the TMRS Act, provided that, as to such subsequent year, the actuary for the System has made the determination set forth in subsection (d) of Section 853.404 of the TMRS Act. Section 4. 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. Section 5. Effective Date. Subject to approval by the Board of Trustees of the System, this ordinance shall be and become effective on the 1 st day of October 1998. Section 6. The importance of this ordinance creates an emergency and an imperative public necessity, and the provisions of the Charter requiring that ordinances be presented at three separate meetings, and that ordinances do not take effect until ten days after the date of final passage are suspended, and this ordinance will take effect upon publication of notice of its adoption in a newspaper of general circulation in the City, Passed and approved this the 28th day of September, 1998. ATTEST: APPROVED: ~ Út2!1J!~J1/ 1:S~ . ~ J IS K. ~omac~, City Secretary Billy G. Moore, Mayor FORM APPROVED: Uv..k Y3. ~ Mark B. Taylor, City At ... ney PUBLISHED IN THE SAN MARCOS DAILY RECORD OCTOBER 2,1998