HomeMy WebLinkAboutORD 1984-052 ORDINANCE N0. 84-52
AN ORDINANCE AUTHORIZING AND ALLOW-
ING, UNDER THE ACT GOVERNING THE
TEXAS MUNICIPAL RETIREMENT SYSTEM,
"UPDATED SERVICE CREDITS" IN SAID
SYSTEM FOR SERVICE PERFORMED BY
— QUALIFYING NIEMBERS OF SUCH SYSTEM
IN THE EMPLOYMENT OF THE CITY OF
GRAPEVINE; AND ESTABLISHING AN
� EFFECTIVE DATE FOR SUCH ACTIONS
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF
GRAPEVINE, TEXAS:
Section 1 . Authorization of Updated Service Credits.
(a) On the terms and conditions set out in Sections 63 . 401
through 63 . 403 of Title 110B, Revised Civil Statutes of Texas,
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 effect on the lst day of January,
1985; by reason of service in the employment of the City of
Grapevine, and on such date has at least 36 months of credited
service with said System, shall be and is hereby allowed
"Updated Service Credit" (as that term is defined in Sub�ection
d of Section 63. 402 of said title) in an amount that is 1000 of
the "base Updated Service Credit" of the member (calculated as
provided in Subsection c of Section 63.402 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) In accordance with the provisions of Subsection d of Sec-
tion 63. 401 of said Title 110B, 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 earnings as an employee of
the City.
Section 2 . Effective Date. Subject to approval by the
Board of Trustees of the Texas Municipal Retirement System, the
Updated Service Credits granted hereby shall be and become
effective on the lst day of January, 1985.
PASSED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF
GRAPEVINE, TEXAS on this the 3rd day of July, 1984.
APPROVED:
May r
ATTEST:
City Secreta y
APPROVED AS TO FORM:
City Attorney