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<br />120 <br /> <br />ORDINANCE NO. 1976 - 34 <br /> <br />I <br /> <br />AN ORDINANCE DEIERMINING TO GRANT, PROVIDING FOR AND ALLOWING, <br />UNDER THE ACT GOVERNING THE TEXAS MUNICIPAL RETIREMENT SYSTEM, <br />"UPDATED SERVICE CREDIT" IN SAID SYSTEM FOR SERVICE PERFORMED <br />BY QUALIFYING MEMBERS OF SUCH SYSTEM IN THE EMPLOYMENT OF THE <br />CITY OF SAN MARCOS; ELECTING AND PHESCRIBING THE EFFECTIVE DATE <br />OF SUCH UPDATED SERVICE CREDITS; AUTHORIZING AND PROVIDING FOR <br />ALLOWANCE OF INCREASES, AS HEREIN PROVIDED, IN MONTHlY BENEFITS <br />PAYABLE BY TEXAS MUNICIPAL.RET]REMEN'J).' SYSTEM, AFTER THE EFFECTIVE <br />DATE HE~EIN SPECIFIED, ITO;ffiETIRED EMPLOYEES AND TO BENEFICIARIES <br />OF DECEASED EMPLOYEES, UNDER CURRENT SERVICE ANNUITIES ARISING <br />FROM SERVICE OF SUCH EMPLOYEES TO THIS CITY. <br /> <br />BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS: <br /> <br />Section 1. Initial Allowance of Updated Service Credits. <br /> <br />(a) On the terms and conditions set out in Section XVII of <br />Article 6243h, Vernon's Texas Civil Statutes, as amended 1975, each member of <br />Texas Municipal Retirement System who has current service credit or prior service <br />credit in said System in force and effect on the 1st day of January, 1977 by <br />reason of service in the employment of the City of San Marcos, shall be and is <br />hereby allowed "updated service credit" (as that term is defined in said act) in <br />an amount that is 100% of the "Base Updated Service Credit" of the member, calcu- <br />lated as provided in said act. The updated service credit hereby allowed shall be <br />in lieu of and in substitution for all Prior Service Credits, Special Prior Service <br />Credits, and Antecedent Service Credits, if any, heretofore allowed such member by <br />reason of service with the City of San Marcos. <br /> <br />I <br /> <br />(b) In accordance with the provisions of said act, the deposits <br />required to be made to the Texas Municipal Retirement System by employees of the <br />several participating departments on account of current service shall be calculated <br />from and after the date aforesaid on the full amount of such person's earnings <br />as an employee of the City. <br /> <br />(c) Subject to approval of the Board of Trustees of Texas Municip'll <br />R'eiier"emen-tO System, the updated service credits hereby granted shall be and become <br />effective the 1st day of January, 1977. <br /> <br />Section 2. Initial Increases in Annuities in Effect. <br /> <br />(a) Pursuant to Section XVIII of Article 6243h, Vernon's Texas Civil <br />Statutes as amended and subject to approval by the Board of Trustees of Texas <br />Municipal Retirement System as provided in said act, the City of San Marcos hereby <br />elects: to allow and to provide for payment of the increases below specified in all <br />monthly benefits payable by Texas Municipal Reitrement System after the 1st d~y of <br />January, 1977 to retired employees and to beneficiaries of deceased employees of <br />this City under current service annuities and prior service annuities arising from <br />service of such employee to this City, and in effect prior to the date last above <br />mentioned. <br /> <br />(b) Each such monthly benefit for the month of January, 1977, and each <br />month thereafter shall be increased by 50% above the amount of the regular benefit <br />(as distinguished from any supplemental or distributive benefit) in effect for the <br />month of December, 1976. <br /> <br />PASSED AND APPROVED on first reading September 27, 1976. <br /> <br />I <br /> <br />PASSED AND APPROVED on second reading October 11, 1976. <br /> <br />PASSED, APPROVED AND ADOPTED October 1~191b. <br /> <br />/6.~ ~""- <br />( <br />Emmie Craddock <br />Mayor <br /> <br />=:dk <br /> <br /> <br />~iSS Hambrick <br />City Secretary <br /> <br />;;;:;t~~ <br /> <br />Charles E. Evans <br />City Attorney <br />