(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 the first day of January of the calendar year preceding such allowance, by reason of service in the employment of 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) On the terms and conditions set out in Tex. Government Code, § 853.601, any member of the system who is eligible for updated service credits on the basis of service with this town, who has unforfeited credit for prior service and/or current service with another participating municipality or municipalities by reason of previous service, and was a contributing member on the first day of January of the calendar year preceding such allowance, shall be credited with updated service credits pursuant to, calculated in accordance with, and subject to adjustment as set forth in said § 853.601, both as to the initial grant hereunder and all future grants under this chapter.
(C) The updated service credit hereby allowed and provided for shall be 100% of the “base updated service credit” of the members (calculated as provided in Tex. Government Code, § 853.402(c)).
(D) 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.
(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 this chapter on the full amount of such person’s compensation as an employee of the town.
(Ord. 348, passed 3-21-2013)