Ord 1990-096 - Laserfiche WebLink

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,:?, 16 ..s- ç ,'-'> ".....,. ORDINANCE 1990- 96 AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS, 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 SAN MARCOS; PROVIDING FOR INCREASED PRIOR AND CURRENT SERVICE ANNUITIES FOR RETIREES AND BENEFICIARIES OF DECEASED RETIREES OF THE CITY; REPEALING AND RESERVING FOR FUTURE USE SECTIONS 2-43 AND 2-44 OF THE SAN MARCOS CODE OF ORDINANCES; AND ESTABLISHING AN EFFECTIVE DATE FOR SUCH ACTIONS. BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS: SECTION 1. Authorization of UDðated Service Credits. (a) On the terms and conditions set out in Sections 853.401 thrnugh 853.403 of Subtitle G of Title 8, V.T.C.A., Government Code, 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 eff2~t on the lst ùay of Jauuary, 1990, by reason or s:Lvice in the employment of the Ci,ty of San Marcos, and on such date haz at laast 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 853.402 of said ti tle) in an amount that is 100% of the "base Updated Service Credit" of the member (calculated as provided in subsection (c) of section 853.402 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 853.60l 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, 1990, shall be credited with Updated Service Credits pursuant to, calculated in accordance with, and subject to adjustment as set forth in said 853.60l. (c) In accordance with the provisions of subsection (d) of Section 853.401 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 earning as an employee of the City. SECTION 2. Increase in Retirement Annuities. (a) On terms and conditions setout in Section 854.203 of subtitle G of Title 8, V.T.C.A., Government Code, as amended, the City of San Marcos hereby elects to allow and to provide for payment of the increases below stated in monthly benefits payable by the Texas Municipal Retirement System to retired employees and to beneficiaries of deceased employees of this City under current service annuities and prior service annuities arising from service by such employees to this city. An annuity increased under this section replaces any annuity or increased annuity previously granted to the same person. (b) The amount of annuity increase under this Section is computed as the sum of the prior and current service annuities on