Pursuant to the provisions of Tex. Government Code, § 854.202(g), as amended, which subtitle shall herein be referred to as the “TMRS Act,” the town adopts the following provisions affecting participation of its employees in the Texas Municipal Retirement System (herein referred to as the “System”):
(A) Any employee of the town who is a member of the System is eligible to retire and receive a service retirement annuity if the member has at least 25 years of credited service in the System performed for one or more municipalities that have adopted a like provision under Tex. Government Code, § 854.202(g).
(B) Prior to adopting the ordinance codified in this section, the governing body of the town has:
(1) Prepared an actuarial analysis of member retirement annuities at 20 years of service; and
(2) Held a public hearing pursuant to the notice provisions of the Texas Open Meetings Act, Tex. Government Code, Ch. 551.
(C) The rights hereinabove authorized shall be in addition to the plan provisions heretofore adopted and in force at the effective date of the ordinance codified in this section pursuant to the TMRS Act.
(Ord. 348, passed 3-21-2013)