(A) The City Council, on behalf of the town, exercises its option and elects to have the town and all of the employees of all departments now existing and those hereafter created participate in the Texas Municipal Retirement System as provided in the TMRS Act (Title 110B, Vernon’s Texas Civil Statutes), and all of the benefits and obligations of such System are accepted as to such employees.
(B) The Town Administrator is directed to notify the Board of Trustees of the Texas Municipal Retirement System that the town has elected to participate and have the employees of the town covered in the System.
(C) Each person who becomes an employee of any participating department on or after the effective date of participation of such department shall become a member of the Texas Municipal Retirement System as a condition of his or her employment.
(D) In accordance with the provisions of this statute, the deposits to be made to the Texas Municipal Retirement System on account of current service of the employees of the several participating departments are fixed at the rate of 5% of the full earnings of each employee of the departments.
(E) Each employee who qualifies for such credit shall be allowed “prior service credit” (as defined in subsection 6(b) of Section VI of the Act) at the rate of 100% of the “base prior service credit” of such member, calculated in the manner prescribed in the Act.
(F) For each month of current service rendered to the town by each of its employees who are members of Texas Municipal Retirement System, the town will contribute to the current service annuity reserve of each such member at the time of his or her retirement, a sum that is 200% of such member’s accumulated deposits for such month of employment; and the sum shall be contributed from the town’s account in the municipality current service accumulation fund.
(G) The Town Secretary is directed to remit to the Board of Trustees of the Texas Municipal Retirement System, at its office in Austin, Texas, the town’s contributions to the System and the amounts which shall be deducted from the compensation or payroll of employees, all as required by the Board under the provisions of the Texas Municipal Retirement System Act, and the official is authorized and directed to ascertain and certify officially on behalf of the town the prior service rendered to the municipality by each of the employees of the participating departments, and the average prior service compensation received by each, and to make and execute all prior service certifications and all other reports and certifications which may be required of the town under the provisions of the Texas Municipal Retirement System Act, or in compliance with the rules and regulations of the Board of Trustees of the Texas Municipal Retirement System.
(Ord. 348, passed 3-21-2013)