HomeMy WebLinkAbout95-3051329
TMRS - Military Service Credit
ORDINANCE NO. 95-3051
AN ORDINANCE OF THE CITY OF PLAINVIEW, TEXAS,
ALLOWING CERTAIN EMPLOYEES OF THE CITY, WHO
PERFO[tMED OR HERIZ~_T_jER PERFORM ACTIVE SERVICE
~,;~.~MEg FO. RC~j~ THEIR RESERVES OR
--"'A~ux~II~I'AJHEg)~OF~;i"~Iff~4I~D STATES UNDER HONORABLE
CONDITIONS, TO APPLY AND MAKE DEPOSITS FOR, AND TO
RECEIVE SPECIAL CREDIT WITH THE TEXAS MUNICIPAL
RETIREMENT SYSTEM FOR LIMITED PORTIONS OF SUCH
MILITARY SERVICE, AND PROVIDING FOR PAYMENT, BY
THE CITY OF PLAINVIEW, ITS SHARE OF THE COSTS OF
ALLOWING SUCH CREDITS.
Section 1. Pursuant to Section 853.502, Subchapter F of Chapter 853, Title
8, Government code as amended, the City of Plainview hereby elects to allow
eligible members in its employment to establish credit in the Texas Municipal
Retirement System for active military service performed as a member of the
armed forces or armed forces reserves of the United States or an auxiliary of
the armed forces or armed forces reserves. Eligible members as used herein
shall be those employees meeting the criteria set forth in Sections 853.502(b)
and 853.503 of said Subchapter F, and the amount and use of creditable
military service shall be as further set forth in Section 853.505.
Section 2. In order to establish credit for military service hereunder, a
member must deposit with the Texas Municipal Retirement System (in that
member's individual account in the Employees Saving Fund), an amount equal
to the number of months for which credit is sought, multiplied by $15.00. The
City of Plainview agrees that its account in the Municipality Accumulation
Fund is to be charged at the time of the member's retirement with an amount
equal to the accumulated amount paid by the member for military service
credit, multiplied by the City's current service matching ratio in effect at the
date the member applies for such military service credit.
lof2
330
Section 3.
1995.
This ordinance shall become effective on the 1st day of September,
Passed and approved this 22nd day of August, 1995.
ATTEST:
Lloyd C. Woods, Mayor
, City Secretary
APPROVED AS TO CONTENT:
Director of Finance
APPROVED AS TO FORM:
Wally Hat'ch,
City Attorney
2 of 2