TEXAS MUNICIPAL RETIREMENT SYSTEM
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 IN THE EMPLOYMENT OF THE CITY OF BASTROP;
PROVIDING FOR INCREASED PRIOR AND CURRENT SERVICE ANNUITIES FOR RETIREES
AND BENEFICIARIES OF DECEASED RETIREES OF THE CITY; TO INCREASE THE
RATE OF DEPOSITS TO THE TEXAS MUNICIPAL RETIREMENT SYSTEM BY THE EMPLOYEES
OF THE CITY; AND ESTABLISHING AN EFFECTIVE DATE FOR THE ORDINANCE.
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF BASTROP,
TEXAS:
Section 1. 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, 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 hereunder 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.
Effective Date. Subject to approval by the Board
of Trustees of the System, this ordinance shall be and become effective
on the 1st day of January 2004.
READ AND ACKNOWLEDGED on First Reading this the 14th day of October
2004. PASSED AND APPROVED on Second Reading this the 11th day of November
2004.
APPROVED:
Tom Scott, Mayor
