HomeMy Public PortalAboutOrdinance No. 423-79 09-07-1979
• ORDINANCE # _J~~~
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 QUALIFING MEMBERS
OF SUCH SYSTEM IN THE EMPLOYMENT OF THE CITY OF
RICHLAND HILLS,j~~(,,; 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 RETIRE-
MENT 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 RICHLAND HILLS, 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 Retirement System who on the 1st day
of January, 1980 has creditable service in said System arising
out of employment with the City of Richland Hills 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 ^/(,~G ~ 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, 198p, 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 Richland Hills
hereby elects to allow and to provide for payment of the in-
creases below specified in all monthly benefits payable by
Texas Municipal Retirement Sustem 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
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 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.
Passed and approved this the day of ~ ,
19~
APPROVED:
r
David L. Raga Mayor
ATTEST:
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City cretary