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HomeMy WebLinkAboutOrdinance - 9147-1987 - Allowing Texas Municipal Retirement System Updated Service Credits - 11/19/1987JCR:da First Reading November 19, 1987 Item #21 Second Reading December 10, 1987 Item #8 ORDINANCE NO. 9147 AN ORDINANCE AUTHORIZING AND ALLOWING UNDER THE ACT GOVERNING THE TEXAS MUNICIPAL RETIREMENT SYSTEM, 11UPDATED 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; GRANTING ADDI- TIONAL RIGHTS, CREDITS AND BENEFITS AUTHORIZED BY SECTIONS 64.202(f), 64.204(b), 64.204(c) AND 64.405 THROUGH 64.410 OF TITLE 110b, VERNON'S TEXAS CIVIL STATUTES AS AMENDED AND PRESCRIBING THE EFFECTIVE DATE OF THIS ORDINANCE. 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 63.401 through 63.403 of Title 110B, Revised Civil Statutes of Texas, 1925, 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, 1988, 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 Sect.ion 63.402 of said title) in an amount that 1s 100% of the "base Updated Service Credit" of the member (calculated as provided in subsection (c) of Section 63.402 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 63.601 of Title 110B, any member of the Texas Municipal Retirement System who is eligible for Updated Service Credits on the basis of service with the City of Lubbock, and who has unforfeited credit for prior service and/or current service and another participating municipality or municipalities by reason of previous service, and was a contributing member on January 1, 1987, shall be credited with Updated Service Credits pursuant to, calculated in accordance with, and subject to adjustment as set forth in Section 63.601. (c) In accordance with the provisions in subsection (d) of Section 63.401 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. SECTION 2. Retirement at any age with 25 Years of Creditable Service. Any employee of the City who is a member of the System is eligible to retire and receive a service retirement annuity, if the member has at least 25 years of credited service in that System performed I I for one or more municipalities that have participation dates after September 1, 1987, or have adopted a like provision under Section 64.202(f) of the TMRS Act. SECTION 3. Survivor Benefits for Spouse of Deceased Employees who are Vested at Time of Death. (a) If a 11vested member,11 as that term is defined in Section 64.204(b) of the TMRS Act, shall die before becoming eligible for service retirement and leaves surviving a lawful spouse whom the member has designated as beneficiary entitled to payment of the member's accumulated contributions in event of the member's death before retirement, the surviving spouse may by written notice filed with the System elect to leave the accumulated deposits on deposit with the System subject to the terms and conditions of said Section 64.204(b). If the accumulated deposits have not been withdrawn before such time as the member, if living, would have become entitled to service retirement, the surviving spouse may elect to receive, in lieu of the accumulated deposits, an annuity payable monthly thereafter during the lifetime of the surviving spouse in such amount as would have been payable had the member lived and retired at that date under a joint and survivor annuity (Option 1) payable during the lifetime of the member and continuing thereafter during the lifetime of the surviving spouse. (b) Pursuant to Section 64.204(c) at any time before payment of the first monthly benefit of an annuity, a surviving spouse to whom subsection (d) applies may, upon written application filed with the System, receive payment of the accumulated contributions standing to the account of the member in lieu of any benefits otherwise payable under this section. In the event such a surviving spouse shall die before payment of the first monthly benefit of an annuity allowed under this section, the accumulated contributions credited to the account of the member shall be paid to the estate of such spouse. SECTION 4. Rights. Credits, Benefits in Addition to Plan Provisions Heretofore in Force. The rights, credits and benefits hereinabove authorized shall be in addition to the plan provisions heretofore adopted and in force at the effective date of this Ordinance pursuant to the TMRS Act. SECTION 5. Optional Occupational Disability. Any employee of this City who is a member of the System is eligible to retire and receive a 11standard occupational disability annuity11 under Section 64.408 of the TMRS Act or an 11 optional occupational disability retirement annuity11 under Section 64.410 of the TMRS Act upon making application therefor upon such form and in such manner as may be prescribed by the Board of Trustees of the System, provided that the System's medical board has certified to said Board of Trustees: (1) that the member is physically or mentally disabled for further performance of the duties of the member's employment; (2) that the disability is likely to be permanent; and (3) that the member should be retired. Any annuity granted under this subsection shall be subject to the provisions of Section 64.409 of the TMRS Act. -2- SECTION 6. Exclusive Provisions. The provisions relating to the occupational disability program as set forth in section 5 above are in lieu of the disability program heretofore provided for under Sections 64.301 to 64.308 of the TMRS Act. SECTION 7. Effective Date. Section 1 of this Ordinance shall become effective on the first day of January 1988, all other sections of this Ordinance shall become effective on the first day of April 1988, 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. AND IT IS SO ORDERED. Passed by the City Council on first reading this J9tb day of Na~ember , 1987. Passed by the City Council on second reading this 10th day of Decemhen 1987. ~TENT: Ed Priest, Director of Personnel APPROVED AS TO FORM: -3- ~:C. McMINN, MAYOR I I l I l THE STATE OF TEXAS COUNTY OF LUBBOCK Before me Ecaoce & He rnaode z a Notarv Public in and for Lubbock Countv. Texas on this dav personally appeared Twi I e Aufi 11, Acco'unt Manaeer of the S~uthwestern Newsp~- pers Corporation. publishers of the Lubbock Avalanche-.Journal -Morning. Evening and Sunday. who being by me duly sworn did depose and say that said newspaper has been published continuously for more than fifty-two weeks prior to the first insertion of this L8111 I Wot ice ______________ No. 825476 at Lubbock County. Texas and the attached print- ed copy of the Lute I Natt ceis a true copy of the original and was printed in the Lubbock Avalanche-.Journal on the following dates: December 12, 19, 1987 107 ~ords@ .aa = $94.16 LUBBOCK AVALANCHE-JOURNAL Southwestern Newspapers Corporation FORM58-10 • ': /OllCI;.~~ " Alf OltOUlANCb AMEfdbt& j Ol.u>TER 6..ARtlCLE' IIOF. 1~-"LUIHIOCK CITY. COD"E EN'tl• · :fLl!J) "BUILDING' CODE;" BY AODING.THERE:f'Q A NEW.SE!i=• TtCN 6•5$.1, PERTAINING TO· ~~:i,.ltrft1iE';:;4 .. t1'J,! RAVING A $PRINK(ER $YST~M .,IF. :rHE\' MEE.T CERTAIN .CON•. DITIONS1 PROVIOtNG A PENAL; TV, l'ROVIOll"G ·II\ SAV:INGS CU.USE ANO "PROVIDING FOR PUBI.ICAtiOt,I; . , , · , ·,, ; : . ·'o~o'r,.ANCE Jtin-:. TEXASMu'ii1c1PAL · RETIREMEKT SYSTEM AN ORDINANCE·AUTHORIZ• fNG ANO ALLOWING, UNDER THE ACT GOVERNING THE TEXAS MUNICIPAL RETIRE· MENT SYSTEM, ."UPDATED SERVICE CREDITS" jN SAID ,.YSTEM FOR SERVICE PER• FORMED BY (IUALIFYING MEMBERS OF SUCH SYSTEM WHO PRESENTLY ARE llf THE .EMPLOYMENT .OF THE CITY OF LUBBOCK; ANO £STABLISH• ING AN EFFl!CTIVE DATU FOR IUCH.#<CTIONS. •.a,· --.., • 4'