HomeMy WebLinkAbout0003_72-20 1972AN ORDINANCE
TO PROVIDE FOR INCREASED MUNICIPAL CONTRIBUTIONS TO THE CUR-
RENT SERVICE ANNUITY RESERVE AT RETIREMENT OF THE "EMPLOYEES
OF THE CITY OF GEORGETOWN, TEXAS; PROVIDING FOR, AND GRANTING
"�A TECEDENT SERVICE CREDIT'. AND 'SPECIAL PRIOR SERVICE CREDITt
AT THE RATES SPECIFIED, TO QUALIFYING EMPLOYEES OF THE CITYOF
GEORGETOWN, TEXAS
BE IT ORDAINED BY THE CITY COUNCIL OF -THE CITY OF
GEORGETOWN, TEXAS
SECTION 1. That effective January 1, 1973, fdr each month of
current service thereafter rendered by.each of its employees who are mem-
bers of the Texas Municipal Retirement'System, the City will contribute to
the current service annuity reserve of ;each such member at the time of his
retirement', a sum that is 200% of such member's accumulated deposits for
such month of employment; and said sum shall be contributed from the
City's account in the Municipality Current Accumulation Fund.
SECTION 2 Each person who is an employee of the City of
Georgetown on the 31st day of December, 1972 and who is at that date a mem—
ber of the Texas Municipal Retirement System shall be allowed, and, upon
the terms and conditions prescribed by Section XVI of Article 6243h, Vernory s
Texas Civil Statutes, as amended by Chapter 371, Acts Regular Session, 61st
Legislature,, is hereby granted, effective on the date last above mentioned,
"Antecedent Service Credit" (as that term is defined in said Act) calculated
on the basis of one hundred percent (10016) of each current. service :deposit
actually made by such person with the Texas Municipal Retirement System
during each month of current service performed for this city prior to the
lst day of January, 1973.
SECTION 3. Each person who is an employee of the City of.
Georgetown on the 31st day of December, 1972 and who at said date is a
.member of the Texas Municipal Retirement System and who holds in said
System an effective Prior. Service Certificate granted by reason of service
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