The initial allowance of updated service credit and increase in retirement annuities hereunder shall be effective on January 1, 2003, subject to approval by the Board of Trustees of the System. An allowance of updated service credits and an increase in retirement annuities shall be made hereunder on January 1 of each subsequent year until this subchapter ceases to be in effect under subsection (e) of § 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 § 853.404 of the TMRS Act.
(Ord. 91-11, passed 9-26-91; Am. Ord. 99-27, passed 9-14-99; Am. Ord. 2002-23, passed 10-8-02)