(A) On the terms and conditions set out in Tex. Government Code, §§ 853.401 through 853.404, as amended, (hereinafter referred to as the "TMRS Act"), each member of the Texas Municipal Retirement System (hereinafter referred to as the "System") who has current service credit or prior service credit in the System in force and effect on January 1 of the calender year preceding such allowance, by reason of service in the employment of the town (hereinafter called the "town"), and on such date had at least 36 months of credited service with the System, shall be and is hereby allowed "updated service credit" (as that term is defined in Tex. Government Code § 853.402(d)).
(B) The updated service credit hereby allowed and provided for shall be 100% of the "base updated service credit" of the member (calculated as provided in Tex. Gov’t Code § 853.402(c)). If the town has previously adopted, or if it hereafter adopts an ordinance authorizing updated service credit for unforfeited credit for prior service or current service with any other participating municipality, the calculations and adjustments set forth in Tex. Government Code § 853.601 shall apply to any such transferred service.
(C) Each updated service credit allowed hereunder shall replace any updated service credit, prior service credit, special prior service credit, or antecedent service credit previously authorized for part of the same service.
(D) The initial allowance of updated service credit hereunder shall be effective on January 1, 2020, subject to approval by the Board of Trustees of the System. An allowance shall be made hereunder on January 1 of each subsequent year until this section ceases to be in effect under Tex. Government Code § 853.404(e), provided that, as to such subsequent year, the actuary for the System has made the determination set forth in Tex. Government Code § 853.404(d).
(E) In accordance with the provisions of Tex. Government Code, § 853.401(d), the deposits required to be made to the System by employees of the several participating departments on account of current service shall be calculated from and after the effective date of the ordinance on the full amount of such person’s compensation as an employee of the town.
(Ord. 348, passed 3-21-2013; Ord. 362, passed 10-24-2013; Ord. 413, passed 9-12-2019)