HomeMy WebLinkAboutOrdinance - 6233-1971 - Increased Municipal Contributions To The Current Servce Annuity Reserve - 11/11/1971~ ... -, ..
ORDINANCE NO._'=62:'aa...1....,1 __ _
AN ORDINANCE PROVIDING FOR INCREASED MUNICIPAL CONTRIBUTIONS
TO THE CURRENT SERVICE ANNUITY RESERVE AT RETIREMENT OF THE
EMPLOYEES OF THE CITY OF LUBBOCK, TEXAS; PROVIDING AN EFFECTIV
DATE AND PROVIDING THAT ANY ORDINANCE IN CONFLICT HEREWITH IS HE E·
BY REPEALED.
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK:
SECTION 1. THAT effectiv:~.January 1, 1972, for each month of Current
Service thereafter renderecfby each of its employees who are members of the
Texas Municipal Retirement System, the City will contribute to the current servic
annuity reserve of each such member at the time of his retirement, a sum that is
150% of such member1s accumulated deposits for such month of employment; and
said sum shall be contributed from the Cityts account in the Municipality Current
Service Accumulation Fund.
SECTION 2. THAT any Ordinance or Ordinances that are in conflict with thi
Ordinance BE. and the same are hereby repealed.
AND IT IS SO ORDERED.
November • 1971. -1--------
f December • 1971•
/
MAYOR
ATTEST:
•
APPROVED AS TO FORM: