HomeMy WebLinkAbout495 11-25-1975ORDINANCE NO. 495
AN ORDINANCE PROVIDING FOR AND ALLOWING,
UNDER THE ACT GOVERNING THE TEXAS MUNICIPAL
RETIREMENT SYSTEM, "UPDATED SERVICE CREDIT"
IN SUCH SYSTEM FOR SERVICE PERFORMED BY
QUALIFYING MEMBERS OF SUCH SYSTEM IN THE
EMPLOYMENT OF THE CITY OF EULESS; ELECTING
AND PRESCRIBING THE EFFECTIVE DATE OF SUCH
UPDATED SERVICE CREDITS; AUTHORIZING AND
PROVIDING FOR ALLOWANCE OF INCREASES, AS
HEREIN PROVIDED, IN MONTHLY BENEFITS PAYABLE
BY TEXAS MUNICIPAL RETIREMENT SYSTEM, AFTER
THE EFFECTIVE DATE HEREIN SPECIFIED, TO
RETIRED EMPLOYEES AND TO BENEFICIARIES OF
DECEASED EMPLOYEES, UNDER CURRENT SERVICE
ANNUITIES ARISING FROM SERVICE OF SUCH
EMPLOYEES TO THIS CITY.
WHEREAS, the 64th Legislature of the State of Texas, assem-
bled in regular session, did on the 8th day of May, 1975, adopt
certain amendments to the Texas Municipal Retirement System Act,
and
WHEREAS such amendments authorized participating municipali-
ties to adopt enabling legislation providing for updated service
credits and increases in existing annuities for the benefit of
certain employees of such municipalities, and
WHEREAS it is the desire of the Euless City Council to effect
for its employees the increased benefits authorized by such legis-
lation;
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY
OF EULESS, TEXAS:
Section 1. Initial Allowance of Updated Service Credits.
(a) On the terms and conditions set out in Section XVII of
Article 6243h, Vernon's Texas Civil Statutes, as amended 1975, each
member of 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, 1976 by reason of service in the employ-
ment of the City of Euless, 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
member, 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 Service Credits,
and Antecedent Service Credits, if any, heretofore allowed such
member by reason of service with the City of Euless.
(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 calculated from and after
the date aforesaid on the full amount 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. Initial Increases in Annuities in Effect.
(a) Pursuant to Section XVIII of Article 6243h, Vernon's
Texas Civil Statutes as amended and subject to approval by the
Board of Trustees of Texas Municipal Retirement System as pro-
vided in said act, the City of Euless hereby elects to allow and
f to provide for payment of the increases below specified in all
monthly benefits payable to Texas Municipal Retirement System
after the 1st day of January, 1976, to retired employees and to
beneficiaries of deceased employees of this City under current
service annuities and prior service annuities arising from ser-
vice of such employee to this City, and in effect prior to the
date last above mentioned.
(b) Each such monthly benefit for the month of January, 1976,
and each month thereafter shall be increased by 50% above the
amount of the regular benefit (as distinguished from any supple-
mental or distributive benefit) in effect for the month of
-2-
December, 1975.
APPROVED AND ADOPTED ON FIRST AND FINAL READING on the 25th
day of November, 1975, at a regular meeting of the City Council
of the City of Euless, Texas.
APPROVED:
ATTEST:
kai� 9L-'L-�
City Secretary
-3-
Mayor