HomeMy WebLinkAboutOrdinance - 9374-1990 - Allowing Under The Act Governing Texas Municipal Retirement System Updated - 09/09/1990II
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First Reading August 9, J990
Item #J7
Second Reading.
August 23, J.990
Item #l 5
ORDINANCE NO. 9374 ----
AN ORDINANCE AUTHORIZING AND ALLOWING, UNDER THE ACT GOVERNING THE
TEXAS MUNICIPAL RETIREMENT SYSTEM, "UPDATED SERVICE CREDITS" IN SAID SYSTEM
FOR SERVICE PERFORMED BY QUALIFYING MEMBERS OF SUCH SYSTEM WHO PRESENTLY ARE
IN THE EMPLOYMENT OF THE CITY OF LUBBOCK; PROVIDING AN INCREASE IN THE RATE
OF DEPOSITS TO THE TEXAS MUNICIPAL RETIREMENT SYSTEM BY THE EMPLOYEES OF THE
CITY OF LUBBOCK; ESTABLISHING AN EFFECTIVE DATE FOR SUCH ACTIONS; AND
PROVIDING A SAVINGS CLAUSE.
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK:
SECTION 1. AUTHORIZATION OF UPDATED SERVICE CREDITS.
(a) On the terms and conditions set out in Sections 853.401 through
853.403 of Subtitle G of Title 8, V.T.C.A., Government Code, as amended,
each member of the Texas Municipal Retirement System who has current service
credit or prior service credit in said System in force and effect on the 1st
day of January, 1990, by reason of service in the employment of the City of
Lubbock, and on such date has at least 36 months of credited service with
said system, shall be and is hereby allowed "Updated Service Credit" (as
that term is defined in subsection (d) of Section 853.402 of said title) in
an amount that is 100% of the "base Updated Service Credit" of the member
(calculated as provided in subsection (c) of Section 853.402 of said title).
The Updated Service Credit hereby allowed 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.
(b) On the terms and conditions set out in Section 853.601 of said
title, any member of the Texas Municipal Retirement System who is eligible
for Updated Service Credits on the basis of service with this City, and 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 January 1, 1990, shall be credited with
Updated Service Credits pursuant to, calculated in accordance with, and
subject to adjustment as set forth in said 853.601.
(c) In accordance with the provisions of subsection (d) of Section
853.401 of said title, the deposits required to be made to the Texas
Municipal Retirement System by employees of the several participating
departments on account of current service shall be calculated from and after
the date aforesaid on the full amount of such person's earnings as an employee of the City.
(d) Subject to approval by the Board of Trustees of the Texas
Municipal Retirement System, the updated service credits granted hereby
~hall be and become effective on the 1st day of January, 1991.
SECTION 2. RATE OF DEPOSIT.
(a) That all employees of the City of Lubbock, who are
members of the Texas Municipal Retirement System, shall make
deposits to the System at the rate of six percent (6%) of their
individual earnings.
{b) This provision shall become effective on the 1st day
of January, 1991.
SECTION 3. THAT should any section, paragraph, sentence, phrase,
clause or word of this Ordinance be declared unconstitutional or invalid for
any reason, the remainder of this Ordinance shall not be affected thereby.
AND IT IS SO ORDERED.
Passed by the City Council on first reading this 9th
August , 1990.
day of
Passed by the City Council on second reading this 23rd day of ----August , 1990.
d.:_C-~-~ B. C. McMIN,MAYOR
ATTEST:
TO FORM: \
~-0.~M &nadG.Vandiver,irst Assist~ City Attorney
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TIU-: STATE OF T~:XI\S , 8-649
COUNTY (W LUBBOCK
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FOR.\158-10
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