(A) Effective September 1, 1989, and pursuant to Section 63.502, Subchapter F of Chapter 63, Title 110B, V.T.C.S., the city hereby elects to allow eligible members in its employment to establish credit in the Texas Municipal Retirement System for active military service performed as a member of the armed forces or armed forces reserves of the United States or as an auxiliary of the armed forces or armed forces reserves. Eligible members as used herein shall be those employees meeting the criteria set forth in Sections 63.502(b) and 63.503 of said Subchapter F, and the amount and use of creditable military service shall be as further set forth in Section 63.505.
(B) In order to establish credit for military service hereunder, a member must deposit with the Texas Municipal Retirement System (in that member's individual account in the Employees Saving Fund), an amount equal to the number of months for which credit is sought, multiplied by $15. The city agrees that its account in the Municipality Accumulation Fund is to be charged at the time of the member's retirement with an amount equal to the accumulated amount paid by the member for military service credit, multiplied by the city's current service matching ratio in effect at the date the member applies for such military service credit.
(Ord. 462, passed 8-21-89)