Ord. 0423 12-22-80ORDINANCE NO.
423
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 PEARLAND; 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; PROVIDING FOR INCREASED MUNICIPAL
CONTRIBUTIONS TO THE CURRENT SERVICE ANNUITY RESERVE AT RETIRE-
MENT; PROVIDING FOR PARTICIPATION IN THE SUPPLEMENTAL DEATH
BENEFITS FUND OF TEXAS MUNICIPAL RETIREMENT SYSTEM; AND
CONTAINING OTHER PROVISIONS RELATING TO THE SUBJECT.
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF PEARLAND, TEXAS:
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 Retire-
ment System who on the 1st day of January, 1981 has creditable service in
said System arising out of employment with the City of Pearland 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, calculated
as provided in said Act.
The Updated Service Credits herein granted shall be effective from
and after January 1, 1981, 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 Pearland 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 beneficiaries of decreased 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, 1981,
and each month thereafter shall be increased by 50% above the amount of the
regular benefit (as distinguised from any supplemental or distributive benefit)
in effect for the month of December, 1980.
Section 3. The granting of "Updated Service Credits" as provided
in Section 1 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.
Section 4. For each month of Current Service thereafter rendered
by each of its employees who are members of the Texas Municipal Retirement System,
the City will contribute to the current service annuity reserve of each such
member at the time of his retirement, a sum that is 200% of such member's ac-
cumulated deposits for such month of employment; and said sum shall be con-
tributed from the City's account in the Municipality Current Service Accumulation
Fund.
Sectinn S_ That the City of Pearland hereby elects to participate
in the Supplemental Death Benefits Fund of the Texas Municipal Retirement System
for the purpose of providing in-service death benefits in the amounts and on
the terms provided for in Section XIX of the TMRS Act (Article 6243h, Vernon's
Texas Civil Statutes, as amended) for each of the City's employees who are
members of said System, and for the purpose of providing post -retirement death
benefits as provided in said Section XIX for annuitants whose last covered em-
ployment was as an employee of this City.
Section 6. The City of Pearland is hereby authorized and directed
to notify the Director of the System of adoption of this ordinance, and
of the participation of the City in said Fund.
Section 7. All sections of this ordinance to become effective
January 1, 1981, upon its passage following the second and final reading thereof.
PASSED and APPROVED on first reading this day of
A. D. 1980.
ATTEST:
City Secretary
Mayor, City of Pearland, Texas
PASSED, APPROVED and ADOPTED on second and final reading this the
day of , A. D. 1980.
Mayor, City of Pearland, Texas
ATTEST:
City Secretary