HomeMy WebLinkAboutResolution - 010975V - Additional Contributions To Employee's Retirement Sytem-Increased Benefits, TMRS - 01_09_1975KJit•b
RESOLUTION
WHEREAS, the City Council has determined that additional contri-
butions should be made to the employee's retirement system to afford in-
creased benefits to the employees; NOW, THEREFORE
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK:
THAT, upon retirement under the Texas Municipal Retirement
System of any employee of the City of Lubbock who had credit for service
under the retirement system prior to January 1, 1975, the City of Lubbock
will contribute monthly to the Endowment Fund of the System an amount
equal to the difference between a "standard service retirement benefit"
(as defined in Article 6243 h, Vernon's Texas Civil Statutes, as amended)
to which such member is entitled on retirement, and the monthly amount
that would have been payable to him as a standard service retirement benefit
if, during each month of service of the memb er, he had been required to
contribute (and had contributed), to his individual account in the system, at
the rate of five percent (5%) of total earnings for each month of service.
Such contribution by the City shall be designated for, and dedicated to, the
provision of an additional benefit for such employee in the month in which
such contribution is made, and shall be transmitted by the System to the
employee affected.
Passed by the City Council this 9th day of January 1975;
ATTEST:
Treva Phillips, City Sj
APPROVED AS TO FORM:
Fred O. Senter, Jr
y+rreasurer
Attorney