HomeMy WebLinkAbout1989-O-16 - Texas Municipal Retirement SystemORDINANCE NO. 1989-16
TEXAS MUNICIPAL RETIREMENT SYSTEM
'fMRS-J
(Rev. 9/89)
AN ORDINANCE ALLOWING CERTAIN EMPLOYEES OF THE CITY, WHO
PERFORMED OR HEREAFTER PERFORM ACTIVE SERVICE IN THE ARMED
FORCES (OR THEIR RESERVES OR AUXILIARIES) OF THE UNITED STATES
UNDER HONORABLE CONDITIONS, TO APPLY AND MAKE DEPOSITS FOR,
AND TO RECEIVE SPECIAL CREDIT WITH THE TEXAS MUNICIPAL
RETIREMENT SYSTEM FOR LIMITED PORTIONS OF SUCH MILITARY SERVICE,
AND PROVIDING FOR PAYMENT BY THE CITY OF ITS SHARE OF THE COSTS
OF ALLOWING SUCH CREDITS.
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF STEPHENVILLE, TEXAS:
Section 1. Pursuant to Section 63.502, Subchapter F of Chapter 63, Title I IOB, Revised
Civil Statues of Texas, as amended, the City of Stephenville hereby elects to allow eligible
members in its employment to establish credit in the Texas Municipal Retirement System for
active military service performed as a member of the armed forces or armed forces reserves
of the United States or an auxiliary of the armed forces or armed forces reserves. Eligible
members as used herein shall be those employees meeting the criteria, set forth in Sections
63.502(b) and 63.503 of said Subchapter F, and the amount and use of creditable military
service shall be as further set forth in Section 63.505,
Section 2. In order to establish credit for military service hereunder, a member must
deposit with the Texas Municipal Retirement System (in that member's individual account in
the Employees Saving Fund), an amount equal to the number of months for which credit. is
sought, multiplied by $15.00. The City of Stephenville agrees that its account in the
Municipality Accumulation Fund is to be charged at the time of the member's retirement with
an amount equal to the accumulated amount paid by the member :for military service credit,
multiplied by the City's current service matching ratio in effect at the date the member
applies for such military service credit.
Section 3. This ordinance shall become effective on the 1 st day of October ,
19—a.-,
Passed and approved this the 5th day of _September , 198 g .
ATTEST:
c .k
City Secretary or Clerk
APPROVED:
Mayor
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