HomeMy WebLinkAboutORD 93-36 - TMRS Service CreditsORDINANCE
NO.
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OF • AT THE EFFECTIVE DATE OF 1
ALLOWANCE ARE IN THE EMPLOYMENT OF THE CITY OF
GEORGETOWN; REPEALING CONFLIC`TING ORDINANCES AND
RESOLUTIONS;•.;
ESTABLISFHNG AN EFFECTIVE D.
WHEREAS, the City Council has identified as a principal goal the need to maintain a
qualified City Staff, and;
WHEREAS, the Texas Municipal Retirement System is viewed as an integral portion of
the City's employee benefit package; and
NOW, ! ORDAINED BY THE! OF !' •
GEORGETOWN,
The facts and recitations contained in the preamble of this ordinance are hereby found and
declared to be true and correct, and are incorporated by reference herein and expressly made a
part hereof, as if copied verbatim. The City Council hereby finds that this ordinance implements
Finance Policy 1 of the Century Plan - Policy Plan Element, which states: "The City will conduct
all municipal operations in an efficient, business -like manner", and further finds that the
enactment of this ordinance is not inconsistent or in conflict with any other Century Plan Policies,
as required by Section 2.03 of the Administrative Chaper of the Policy Plan.
SECTION 2
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, V.T.C.A., 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
TMRS Ordinance No i
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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 of Georgetown (hereinafter called the "City"), and on
such date had at least six 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 TN4RS Act).
(b) On the terms and conditions set out in Section 853.601 of the TWIRS Act, any member
of the System who is eligible for Updated Service Credits on January 1, 1994, shall be
credited with Updated Service Credits pursuant to, calculated in accordance with, and
subject to adjustment as set forth in said Section 85.601, 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.
(e) This ordinance shall become effective on January 1, 1994, provided that it has previously
been determined by the Actuary for the System that all obligations of the City to the
Municipality Accumulation Fund, including obligations hereby undertaken, can be funded
by the City within its maximum contribution rate and within its amortization period.
(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 persons's compensation as an employee
of the City.
SECTION 3
All ordinances and resolutions, or parts of ordinances and resolutions, in conflict with this
Ordinance are hereby repealed, and are no longer of any force and effect.
SECTION 4
If any provision of this Ordinance or application thereof to any person or circumstance,
shall be held invalid, such invalidity shall not affect the other provisions, or application thereof,
of this Ordinance which can be given effect without the invalid provision or application, and to
this end the provisions of this Ordinance are hereby declared to be severable.
TMRS Ordinance No t
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f`�a l�i�►�ij
PASSED AND APPROVED on First reading on the day of 19930
PASSED AND APPROVED on Second Reading on the day of w- ` �'� ,1993.
Attest:
1
Elizabeth Gray =`
City Secretary
Approved as to Form:
Marianne Landers Banks
City Attorney
TMRS Ordinance No D y`
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am
Leo Wood