HomeMy WebLinkAboutORD 1975-052 ORDINANCE NO. 75-52
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
PERFORMED BY QUALIFYING MEMBERS OF SUCH SYSTEM
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IN THE EMPLOYMENT OF THE CITY OF GRAPEVINE;
ELECTING AND PRESCRIBING THE EFFECTIVE DATE
OF SUCH UPDATED SERVICE CREDITS; AUTHORIZING
AND PROVIDING FOR ALLOWANCE OF INCREASES, AS
HEREIN PROVIDED, IN MONTHLY BENEFITS PAYABLE
BY TEXAS MUNICIPAL RETIREMENT SYSTEM, AFTER
THE EFFECTIVE DATE HEREIN SPECIFIED, TO RE-
TIRED EMPLOYEES AND TO BENEFICIARIES OF DE-
CEASED EMPLOYEES, UNDER CURRENT SERVICE
� ANNUITIES AP.ISING FROM SERVICE OF SUCH EM-
� PLOYEES TO THE CITY; AND DECLARING AN EMER-
GENCY.
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF GRAPE-
VINE, TEXAS:
SECTION l. Initial Allowance of Updated Service Credits.
(a) On the terms and conditions set out in Section XVII
of Article 6243h, Vernon' s Texas Civil Statutes, as amended
1975, each member of 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, 1976
by reason of service in the employment of the City of Grape-
� vine, shall be and is hereby allowed "updated service credit"
(as that term is defined in said act) in an amount that is
100% of the "Base Updated Service Credit" of the member,
calculated as provided in said act. The updated service
credit hereby allowed shall be in lieu of and in substitution
for all Prior Service Credits, Special Prior Service Credits,
and Antecedent Service Credits, if any, heretofore allowed
such member by reason of service with the City of Grapevine.
�,,,,�„ (b) In accordance with the provisions of said act, 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.
(c) Subject to approval of the Board of Trustees of
Texas Municipal Retirement System, the updated service
credits hereby granted shall be and become effective the
lst day of January, 1976.
SECTION 2. Initial Increases in Annuities in Effect.
„�„ (a) Pursuant to Section XVIII of Article 6243h, Vernon' s
�
Texas Civil Statutes as amended and subject to approval by the
Board of Trustees of Texas Municipal Retirement System as pro-
vided in said act, the City of Grapevine hereby elects to
allow and to provide for payment of the increases below
specified in all monthly benefits payable by Texas Municipal
Retirement System after the lst day of January, 1976 to re-
tired employees and to beneficiaries of deceased employees
of this City under current service annuities and prior ser-
vice annuities arising from service of such employee to this
City, and in effect prior to the date last above mentioned.
�
(b) Each such monthly benefit for the month of Jar�uary,
�„ 1976, and each month thereafter shall be increased by 50%
above the amount of the regular benefit (as distinguished
from any supplemental or distributive benefit) in effect
for the month of December, 1975.
SECTION 3. The fact that the present retirement benefits
for the employees of the City of Grapevine, Texas are inade-
quate and in need of updating; and the fact that this ordi-
nance must be passed and approved before January l, 1976
� creates an emergency for the immediate preservation of the
public business, property, health, safety and general wel-
�
fare of the public which requires that this ordinance shall
become effective from and after the date of its passage as
provided by the Charter of the City of Grapevine and it is
accordingly so ordained.
PASSED AND APPROVED BY THE CITY COUNCIL OF THE CITY
OF GRAPEVINE, TEXAS, this the 16th day of December ,
1975.
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MAYOR
ATTEST:
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♦
C ty Secretary
APPROU AS TO FORM:
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City rney
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