HomeMy WebLinkAbout2017-O-10 - TMRS Updated Service CreditsORDINANCE NO.2017-0-10
AN ORDINANCE AUTHORIZING AND ALLOWING, UNDER THE ACT GOVERNING THE TEXAS MUNICIPAL
RETIREMENT SYSTEM, "UPDATED SERVICE CREDITS" IN SAID SYSTEM ON AN ANNUAL BASIS FOR
SERVICE PERFORMED BY QUALIFYING MEMBERS OF SUCH SYSTEM WHO AT THE EFFECTIVE DATE OF
THE ALLOWANCE ARE MEMBERS OF THE CITY OF STEPHENVILLE; AND ESTABLISHING AN EFFECTIVE
DATE FOR THE ORDINANCE.
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF STEPHENVILLE, TEXAS:
Authorization of Updated Service Credits.
(a) On the terms and conditions set out in Sections 853.401 through 853.404 of Subtitle G of Title 8,
Government Code, as amended, (hereinafter referred to as the "TMRS Act"), each member of the Texas
Municipal Retirement System (hereinafter referred to as the "System") who has current service credit or
prior service credit in the System in force and effect on the 1st day of January of the calendar year
preceding such allowance, by reason of service in the employment of the City (hereinafter called the
"City") and on such date had at least 36 months of credited service with the System, shall be and is hereby
allowed" Updated Service Credit" (as that term is defined in subsection (d) of Section 853.402 of the TMRS
Act).
(b) On the terms and conditions set out in Section 853.601 of the TMRS Act, any member of the
System who is eligible for Updated Service Credits on the basis of service with this City, 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 the 1st day of January of
the calendar year preceding such allowance shall be credited with Updated Service Credits pursuant to,
calculated in accordance with, and subject to adjustment as set forth in said Section 853.601, both as to
the initial grant thereunder and all future grants under this ordinance.
(c) The Updated Service Credit hereby allowed and provided for shall be 100%of the "base Updated
Service Credit" of the member (calculated as provided in subsection (c) of Section 853.402 of the TMRS
Act).
(d) Each Updated Service Credit allowed hereunder 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.
(e) The initial allowance of Updated Service Credit hereunder shall be effective on January 1, 2018,
subject to approval by the Board of Trustees of the System. An allowance 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.
(f) In accordance with the provisions of subsection (d) of Section 853.401 of the TMRS Act, the deposits
required to be made to the System by employees of the several participating departments on account of
current service shall be calculated from and after the effective date of this ordinance on the full amount
of such person's compensation as an employee of the City.
Effective Date.
Subject to approval by the Board of Trustees of the System, this ordinance shall be and become
effective on the 111 day of January, 2018.
PASSED and APPROVED, BY THE CITY COUNCIL OF THE CITY OF STEPHENVILLE, TEXAS, this 5"' day of
August, 2017, at which meeting a quorum was present and voting.
ATTEST:
Sta ' mg, City Secret y
Reviewed by Affen L. Barnes,
City Administrator
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Randy Thomas, City Attorney
Approved as to form and legality
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Jer K. Idon II, Mayor