§ 2-157. Authorization of updated service credits effective January 1, 2012

(a) On the terms and conditions set out in V.T.C.A., Government Code §§ 853.401 through 853.404 of Subtitle G of Title 8, as amended, (hereinafter referred to as the "TMRS Act"), each member of the Texas Municipal Retirement System (hereinafter referred to as the "system") who has current service credit or prior service credit in the system in force and effect on the 1st day of January of the calendar year preceding such allowance, by reason of service in the employment of the city (hereinafter called the "city") and on such date had at least 36 months of credited service with the system, shall be and is hereby allowed" updated service credit" (as that term is defined in subsection (d) of Section 853.401 of the TMRS Act, V.T.C.A., Government Code § 853.401(d)).

(b) On the terms and conditions set out in Section 853.601 of the TMRS Act, (V.T.C.A., Government Code § 853.601) any member of the system who is eligible for updated service credits on the basis of service with this city, who has unforfeited credit for prior service and/or current service with another participating municipality or municipalities by reason of previous service, and was a contributing member on the 1st day of January of the calendar year preceding such allowance shall be credited with updated service credits pursuant to, calculated in accordance with, and subject to adjustment as set forth in said V.T.C.A., Government Code § 853.601, both as to the initial grant thereunder and all future grants under this section.

(c) The updated service credit hereby allowed and provided for shall be 100 percent of the "base updated service credit" of the member (calculated as provided in subsection (c) of Section 853.402 of the TMRS Act, V.T.C.A., Government Code § 853.402(c)).

(d) Each updated service credit allowed thereunder shall replace any updated service credit, prior service credit, special prior service credit, or antecedent service credit previously authorized for part of the same service.

(e) The initial allowance of updated service credit hereunder shall be effective on January 1, 2012, subject to approval by the board of trustees of the system. An allowance shall be made hereunder on January 1 of each subsequent year until this section ceases to be in effect under subsection (e) of Section 853.404 of the TMRS Act, (V.T.C.A., Government Code § 853.404(e)); provided that, as to such subsequent year, the actuary for the system has made the determination set forth in subsection (d) of Section 853.404 of the TMRS Act, (V.T.C.A., Government Code § 853.404(d)).

(f) In accordance with the provisions of subsection (d) of Section 853.401 of the TMRS Act, (V.T.C.A., Government Code § 853.401(d)), the deposits required to be made to the system by employees of the several participating departments on account of current service shall be calculated from and after the effective date of the ordinance from which this section derives on the full amount of such person's compensation as an employee of the city.

(g) Effective January 1, 2012, 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 or her retirement, a sum that is 150 percent of such member's accumulated deposits for such month of employment; and said sum shall be contributed from the city's account in the municipality accumulation fund.

(h) Effective date. Subject to approval by the board of trustees of the system, the updated service credits granted by this section became effective on the 1st day of January, 2012.

(Ord. No. 1195, 8-29-2011)