(A) On the terms and conditions set out in Sections 853.401 through 853.404 of Subtitle G of Title 8, V.T.C.A., Government Code, 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 January l of the calendar year preceding the allowance, by reason of service in the employment of the city, and on such date has at least 36 months of credited service with the system, is allowed Updated Service Credit (as that term is defined in subsection (d) of Section 853.402 of the TMRS Act).
(B) On the terms and conditions set out in Section 853.601 of the TMRS Act, any member of the System who is eligible for Updated Service Credits on the basis of service with the 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 January 1 of the calendar year preceding the allowance shall be credited with Updated Service Credits pursuant to, calculated in accordance with, and subject to adjustment as set forth in Section 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% of the "Base Updated Service Credit" of the member (calculated as provided in subsection (c) of Section 853.402 of the TMRS Act).
(D) Each Updated Service Credit allowed hereunder 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, 2003, 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, 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.
(F) In accordance with the provisions of subsection (d) of Section 853.401 of the TMRS Act, 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 this section on the full amount of such person's compensation as an employee of the city.
(Ord. 422, passed 9-16-85; Am. Ord. 441, passed 7-20-87; Am. Ord. 450, passed 9-19-88; Am. Ord. 463, passed 8-21-89; Am. Ord. 475, passed 9-17-90; Am. Ord. 486, passed 10-21-91; Am. Ord. 648, passed 10-21-02)