HomeMy WebLinkAboutOrdinance - 7956-1979 - Grant And Allow Under Tx Municipal Retirement System, "Updated Service Credit" - 11/08/1976'l
ORDINANCE NO. 7956
AN ORDINANCE 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; AUTHORIZING AND PROVIDING FOR ALLOWANCE
:oF INCREASES IN MONTHLY BENEFITS PAYABLE BY TEXAS MUNICIPAL RETIREMENT SYSTEM
TO RETIRED EMPLOYEES AND TO BENEFICIARIES OF DECEASED EMPLOYEES, AS CURRENT
SERVICE ANNUITIES AND PRIOR SERVICE ANNUITIES ARISING FROM SERVICE OF SUCH
EMPLOYEES TO THIS CITY.
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK, TEX.AS:
SECTION 1. Revised Allowance of Updated Service Credits
On the terms and conditions set out in Section XVII of Article 6243h,
Vernon's Texas Civil Statutes, as amended, each member of Texas Municipal Re-
tirement System who on the 1st day of January, 1980 has creditable service in
said System arising out of employment with the City of Lubbock prior to the
first day of the year preceding the date last above-mentioned shall be and is
.hereby granted an "Updated Service Credit" (as that term is defined in said
Act) that is 100% of the "Base Updated Service Credit" of the member, calcu-
• lated as provided in said Act.
The Updated Service Credits herein granted shall be effective from and
after January 1, 1980, and shall be in lieu of and in substitution for all
prior service credits and/or updated service credits previously allowed such
. member.
SECTION 2. Revised Increases in Annuities in Effect
(a) Pursuant to Section XVIII of Article 6243h, Vernon's Texas Civil
Statutes, as amended, the City of Lubbock hereby elects to allow and to
provide for payment of the increases below specified in all monthly
benefits payable by Texas Municipal Retirement System after the 1st day
of January, 1980 to retired employees and to beneficiaries of deceased
employees of this City under current service annuities and prior service
annuities arising from service of such employees to this City, and in
effect prior to the date last above-mentioned.
(b) Each such monthly benefit for the month of January, 1980, and each
month thereafter shall be increased by 20% above the amount of the
regular benefit (as distinguished from any supplemental or distributive
benefit) in effect for the month of December, 1979.
SECTION 3. The granting of "Updated Service Credits" as provided in
Section l above and the granting of increases in annuities in effect, as
provided in Section 2, above, shall be conditioned upon and subject to approval
by the Board of Trustees of Texas Municipal Retirement System as provided in
the act governing said System.
,.
-Passed =hy: th,e City Council .:ol}_Jfr~t. ;~ead:i:~i"g thiif'-:Z5th day_ of Qct'blfor, 19 79 •
.Passed ~y the City Council on second rea his 8th day o:!November, 1979.
~_AT'f;EST: