HomeMy WebLinkAboutOrdinance - 7157-1975 - Granting, Providing, And Allowing "Updated Service Credit" In Municipal Retire. - 09/25/1975·. KJ:rmj
ORDINANCE NO. 7157
AN ORDINANCE OF TliE CITY OF LUBBOCK DETERMINING TO
GRANT, PROVIDING FOR AND ALLOWING, UNDER THE ACT GOVERNING
THE TEXAS MUNICIPAL RETIREMENT SYSTEM. "UPDATED SERVICE
CREDIT" IN SAID SYSTEM FOR SERVICE PERFORMED BY QUALIFYING
MEMBERS OF SUCH SYSTEM IN THE EMPLOYMENT OF THE CITY OF
LUBBOCK; ELECTING AND PRESCRIBING THE EFFECTIVE DATE OF
SUCH UPDATED SERVICE CREDITS AND PROVIDING FOR PUBLICATION.
WHEREAS,. the City Council has determined fhat the changes in the C
of Lubbock E-mployees Retirement System as indicated below,. would be in the
best interest; NOW THEREFORE:
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK:
SECTION 1. Initial Allowance of Updated Service Credits.
(a) On the terms and conditions set out in Section XVII of Article 624
Vernonts Texas Civil Statutes,. as amended 1975, each member of Texas
Municipal Retirement System who has current service credit or prior se
credit in said System in force and effect on the 1st day of January, 1976 by
reason of service in the employment of the City of Lubbock, shall be and is
hereby allowed "updated service credit" (as that term is defined in said act)
in an amount that is 100% of the "Base Updated Service Credit" of the membe ,
calculated as provided in said act. The updated service credit hereby
allowed shall be in lieu of and in substitution for all Prior Service Credits,
Special Prior Serv.ice Credits, and Antecedent Service Credits, if any,
heretofore allowed such member by reason of service with the City of
Lubbock.
(b) In accordance with the provisions of said act, 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 cal-
culated from and after the date aforesaid on the full a·mount of such person's
earnings as an employee of the city.
(c) Subject to approval of the Board of Trustees of Texas Municipal
Retirement System., the updated service credits hereby granted shall be and
become effective the 1st day of January, 1976.
SECTION 2. THAT the City Secretary is hereby authorized to cause
publication of the descriptive caption of this Ordinance as an alternative
method provided by law.
AND IT IS SO ORDERED.
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Passed by the Council on first reading this 25 day of September
Passed by the Councir.oh,seqond reading this 9th day of Q~:;tQber
R~YOR
ATTEST:
APPROVED AS TO FORM:
, 1975.
, 1975.