(A) The City Council of the City of Lindsay, Texas, on behalf of the city, hereby exercises its option and elects to have this city and all of the employees of all departments now existing and those hereafter created participate in the System as provided in the TMRS Act.
(B) The Mayor is hereby directed to notify the Board of Trustees of the System that this city has elected to participate and have the employees of the city covered in said System.
(C) Each person who becomes an employee of this city on or after the effective date of participation of this city whose position shall require more than 1,000 hours per year shall become a member of the System as a condition of their employment.
(D) Each employee of this city who is a member of the System is eligible to retire and receive a service retirement annuity if the member has at least 20 years of credited service in the System performed for one or more municipalities that have adopted a like provision under § 854.202(g) of the TMRS Act.
(E) In accordance with the provisions of the TMRS Act, the deposits to be made to the System on account of current service of the employees of the several participating departments are hereby fixed at a rate of 5% of the full earning of each employee of said departments.
(F) Each employee who qualifies for such credit shall be allowed “prior service credit” (as defined in § 853.101 of the TMRS Act) at a rate of 100% of the “base credit” of such member, calculated in the manner prescribed in § 853.105 of said Act.
(G) For each month of current service rendered to this city by each of its employees who are members of the System, the city elects to provide for each such member at the time of his or her retirement, a sum of 150% of such member’s accumulated deposits for such month of employment; and said sum shall be liability of the city’s account in the benefit accumulation fund.
(H) The City Secretary is hereby directed to remit to the Board of Trustees of the System, at its office in Austin, Texas, the city contributions of the System and the amounts which shall be deducted from the compensation or payroll of employees, all as required by said Board under the provisions of the TMRS Act, and the said official is hereby authorized and directed to ascertain and certify officially on behalf of this city the prior service rendered to the said municipality by each of the employees of the participating departments, and the average prior service compensation received by each of the employees of the participating departments and make and execute all prior service certifications and all other reports and certifications which may be required of the city under the provisions of the TMRS Act, or in the compliance with the rules and regulations of the Board of Trustees of the System.
(I) The city hereby elects to participate in the Supplemental Death Benefits Fund of the System for the purpose of providing in-service death benefits for each of the city’s employees who are members of the said System, and for the purpose of providing post-retirement death benefits for annuitants whose last covered employment was an employee of this city, in the amounts and on the terms provided for in Tex. Government Code §§ 852.004, 854.601 through 854.605, 855.314, 855.408, and 855.502 of Title 8 Subtitle G, as amended.
(J) The city is hereby authorized and directed to notify the Director of the System of adoption of the ordinance on which this section is based, and of the participation of this city in said fund.
(K) Pursuant to § 855.407(g) of the TMRS Act, the city hereby elects to make future normal and prior service contributions to its account in the benefit accumulation fund of the System at such combined rate of the total compensation paid by the city to employees who are members of the System, as the System’s actuary shall annually determine as the rate necessary to fund, within the amortization period determined as application to this city under the TMRS Act, the costs of all benefits which are or may become chargeable to or are to be paid out of this city’s account in said accumulation fund, regardless of other provisions of the TMRS Act limiting the combined rate of city contributions.
(Ord. 1118-3, passed 1-14-2019)