(A) On the terms and conditions set out in Tex. Government Code, § 853.305, as amended (hereinafter referred to as the “TMRS Act”) each member of the Texas Municipal Retirement System (hereinafter referred to as the “System”) who is now or who hereafter becomes an employee of this town shall receive restricted prior service credit for service previously performed as an employee of any of the entities described in said § 853.305 provided that:
(1) The person does not otherwise have credited service in the System for that service, and
(2) The service meets the requirements of said § 853.305.
(B) The service credit granted may be used only to satisfy length-of-service requirements for retirement eligibility, has no monetary value in computing the annuity payments allowable to the member, and may not be used in other computations, including computation of updated service credits.
(C) A member seeking to establish restricted prior service credit under this section must take the action required under said Tex. Government Code, § 853.305 while still an employee of this town.
(Ord. 348, passed 3-21-2013)