Ord 3146 11/23/1976 ■
ORDINANCE NO. J40
AN ORDINANCE DETERMINING TO GRANT, PROVIDING FOR
AND ALLOWING, UNDER THE ACT GOVERNING THE TEXAS
MUNICIPAL RETIREMENT SYSTEM, 'UPDATED SERVICE
CREDIT' IN SAID SYSTEM FOR SERVICE PERFORMED
BY QUALIFYING MEMBERS OF SUCH SYSTEM IN THE
EMPLOYMENT OF THE CITY OF WICHITA FALLS; ELECT-
ING AND PRESCRIBING THE EFFECTIVE DATE OF SUCH
UPDATED SERVICE CREDITS; AUTHORIZING AND PROVIDING
FOR ALLOWANCE OF INCREASES, AS HEREIN PROVIDED,
IN MONTHLY BENEFITS PAYABLE BY TEXAS MUNICIPAL
RETIREMENT SYSTEM, AFTER THE EFFECTIVE DATE
HEREIN SPECIFIED, TO RETIRED EMPLOYEES AND TO
BENEFICIARIES OF DECEASED EMPLOYEES , UNDER CURRENT
SERVICE ANNUITIES ARISING FROM SERVICE OF SUCH
EMPLOYEES TO THIS CITY.
BE IT ORDAINED BY THE BOARD OF ALDERMEN OF THE CITY
OF WICHITA FALLS, TEXAS , THAT:
Section 1. Initial Allowance of Updated Service Credits.
(a) On the terms and conditions set out in Section
XVII of Article 6243h, Vernon' s Texas Civil Statutes,
as amended 1975, each member of Texas Municipal Retirement
System who has current service credit or prior service
credit in said System in force and effect on the 1st day
of January, 1977 by reason of service in the employment
of the City of Wichita Falls, shall be and is hereby allowed
'updated service credit' (as that term is defined in said
act) in an amount that is 30% of the 'Base Updated
Service Credit' of the member, calculated as provided
in said act. The updated service credit hereby allowed
shall be in lieu of and in substitution for all Prior
Service Credits, Special Prior Service Credits, and
Antecedent Service Credits, if any, heretofore allowed
such member by reason of service with the City of Wichita
Falls.
(b) In accordance with the provisions of said act,
the deposits required to be made to the Texas Municipal
Retirement System by employees of the several participating
departments on account of current service shall be calcu-
lated from and after the date aforesaid on the full amount
of such person' s earnings as an employee of the City of
Wichita Falls.
(c) Subject to approval of the Board of Trustees
of Texas Municipal Retirement System, the updated service
credits hereby granted shall be and become effective
the 1st day of January, 1977.
Section 2. Initial Increases in Annuities in Effect.
(a) Pursuant to Section XVIII of Article 6243h,
Vernon' s Texas Civil Statutes, as amended and subject to
approval by the Board of Trustees of Texas Municipal
Retirement System as provided in said act, the City of
Wichita Falls hereby elects to allow and to provide for
payment of the increases below specified in all monthly
benefits payable by Texas Municipal Retirement System
after the 1st day of January, 1977 to retired employees
and to beneficiaries of deceased employees of this City
under current service annuities and prior service annui-
ties arising from service of such employee to this City,
and in effect prior to the date last above mentioned.
(b) Each such monthly benefit for the month of Jan-
uary, 1977, and each month thereafter shall be increased
by 10% above the amount of the regular benefit (as dis-
tinguished from any supplemental or distributive benefit)
in effect for the month of December, 1976.
PASSED AND APPROVED this the 23rd day of November, 1976.
A Y O R C/
ATTEST:
/5 /
nC : 'J
City Clerk
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