HomeMy WebLinkAbout80-2432 ordORDINANCE NO. 80-2432 I~
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
PLAINVIEW; 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:
AND DECLARING AN EMERGENCY.
BE IT ORDAINED BY THE CITY COUNCIL OF PLAINVIEW, TEXAS:
Section 1. Initial Allowance of Updated"g~rvi~e Credits.
a) :on the te2ms~and .conditions set out in Section XVII
of Arti~l'~2~h-,~o~i-S"~ygX~ ~vil~s~atUt~s,--a-s-~-~m.~nd~d.
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, 1981 by reason of
service in the employment of the City of Plainview, 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 Plainview.
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 Baard of Trustees of Texas
Municipal Retirement System, the updated service credits~hereby
granted shall be and become effective the 1st day of January, 1981.
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 provided
in said act, the City of Plainview 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, 1981 to retired employees and to beneficiaires of
deceased employees of this City under current service annuities and
prior service annuities arising from service 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, 1981,
and each month thereafter shall be increased by 50% above the amount
of the regular benefit (as distinguished from any---supplemental or
distributive benefit) in effect for the month of December, 1980.
Section 4. The necessity to publish-notice of this Ordinance
prior to its effective date and the necessity to actuate this Ordinance
by the aforemention date dictates its emergency status, therefore, all
rules requiring more than one reading are hereby suspended; and this
Ordinance shall be passed and take effect as an emergency measure and
be in full force and effect from the date herein stated.
PASSED AND APPROVED this the 18th day of December, 1980.
APPROVED:
ATTEST:
CITY CLERK