(A) The town, by its City Council, elects to have the employees of all participating departments of the town participate in and be covered by the Supplemental Benefits Fund of the Texas Municipal Retirement System, as provided by Chapter 312, Acts Regular Session, 56th Legislature; and all the benefits and obligations of participation in the Fund are accepted by the town 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 designated departments participate in the Supplemental Benefits Fund of the System.
(C) Each person who becomes an employee of any participating department on or after the effective date of participation of such department in the Fund shall as a condition of his or her employment be covered into the Supplemental Benefits Fund of the System. The town may in the future refuse to add new departments or new employees to the Fund, but shall never discontinue as to any members who are covered into the Fund.
(D) The Town Secretary is directed to remit monthly to the Board of Trustees of the Texas Municipal Retirement System at its office in Austin, Texas, as the town’s contributions to the Supplemental Benefits Fund of the Texas Municipal Retirement System, such percentage of earnings of the designated employees of the town as may be faced by the Board of Trustees of the Texas Municipal Retirement System, provided that the rate of contribution to the fund shall not exceed .5% of the earnings of the employees of the town who are covered under the Fund, and such official shall make for the town such reports as the Board of Trustees of the Texas Municipal Retirement System may prescribe.
(Ord. 348, passed 3-21-2013)