HomeMy WebLinkAboutORD 1980-037 ORDINANCE NO. 80-37
AN ORDINANCE DETERMINING TO GRANT, PROVIDING
FOR AND ALLOWING, UNDER THE ACT GOVERNING THE
TEXAS MUNICIPAL RETIREMENT SYSTEM, "UPDATED
SERVICE CREDIT" IN SAID SYSTEM FOR SERVICE PER-
FORMED BY QUALIFYING MEMBERS OF SUCH SYSTEM IN
THE EMPLOYMENT OF THE CITY OF GRAPEVINE; ELECT-
�""� ING AND PRESCRIBING THE EFFECTIVE DATE OF SUCH
UPDATED SERVICE CREDITS; AUTHORIZING AND PROVII7,-
ING FOR ALLOWANCE OF INCREASES IN MONTHLY BENE-
,�, FITS PAYABLE BY TEXAS MUNICIPAL RETIREMENT SYS-
TEM TO RETIRED EMPLOYEES AND TO BENEFICIARIES OF
DECEASED EMPLOYEES, AS CURRENT SERVICE ANNUITIES
AND PRIOR SERVICE ANNUITIES ARISING FROM SERVICE
OF SUCH EMPLOYEES TO THIS CITY
BE IT ORDAINED BY THE CITY COUNCIL OF GRAPEVINE, TEXAS;
SECTION 1. REVISED ALLOWANCE OF UPDATED SERVICE CREDITS
On the terms and conditions set out in Section XVII of Article
6243h, Vernon' s Texas Civil Statutes, as amended, each member
of Texas Municipal Retirement System who on the lst day of Jan-
uary, 1981 has creditable service in said System arising out
of employment with the City of Grapevine prior to the first
day of the year preceding the date last above-mentioned shall
be and is hereby granted an Updated Service Credit�� (as that
��
term is defined in said Act) that is 100� of the "Base Updated
Service Credit" of the member, calculated as provided in said
Act.
The Updated Service Credits herein granted shall be effec-
'"�µ' tive from and after January 1, 1981, and shall be in lieu of and
in substitution for all prior service credits and/or updated ser-
'�� vice credits previously allowed such member.
SECTION 2. REVISED INCREASES IN ANNUITIE5 IN EFFECT
(a) Pursuant to Section XVIII of Article 6243h, Vernon' s
Texas Civil Statutes, as amended, the City of Grapevine hereby
elects to allow and to provide for payment of the increases be-
low specified in all monthly benefits payable by Texas Munici-
pal Retirement System after the lst day of January, 1981 to re-
tired employees and to beneficiaries of deceased employees of
this City under current service annuities and prior service
annuities arising from service of such employees to this City,
and in effect prior to the date last above-mentioned.
(b) Each such monthly benefit for the month of January, 1981,
and each month thereafter shall be increased by 50� above the
amount of the regular benefit (as distinguished from any supple-
mental or distributive benefit) in effect for the month of Decem-
ber, 1980 .
SECTION 3 . The granting of "Updated Service Credits" as
provided in Section 1 above and the granting of increases in an-
nuities in effect, as provided in Section 2 , above, shall be con-
"'�' ditioned upon and subject to approval by the Board of Trustees of
Texas Municipal Retirement System as provided in the act governing
said System.
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PASSED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF GRAPEVINE,
TEXAS , this the _ 15th day of July , 1980.
APPROVED:
MAYOR
ATTEST:
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C TY SECRE Y
APPROVED AS TO FORM AND LEGALITY:
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CITY ATTORNEY
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