Ord 2001 10/22/1962 ORDINANCE NOS . r
AN ORDINANCE TO INCREASE THE RATE OF DEPOSITS TO THE` TEXAS MUNICIPAL
RETIREMENT SYSTEM BY THE EMPLOYEES OF THE CITY OF WICHITA FALLS;
PRESCRIBING THE MAXIMUM EARNINGS TO BE CONSIDERED IN CALCULATING
DEPOSITS AND CONTRIBUTIONS TO BE MADE BY REASON OF CURRENT SERVICE
OF EMPLOYEES OF SAID CITY WHO ARE MEMBERS OF THE TEXAS MUNICIPAL
RETIREMENT SYSTEM.
BE IT ORDAINED BY THE BOARD OF ALDERMEN OF THE CITY OF
WICHITA FALLS, TEXAS :
SECTION 1. That effective January 1, 1963, each employee
of the City of Wichita Falls , Texas, who is _a member of the Texas
Municipal Retirement System, shall make deposits to the System at
the rate of seven percent (7%) for police (C.S. )employees and- five
percent (5%) for all other employees, of their individual earnings.
However, this rate shall not be applied to earnings in excess of the
maximum earnings subject to retirement deductions as hereinafter set
out.
SECTION 2. That annual earnings in excess of 589400 which
may be paid by the City of Wichita Falls to any of its employees who
are members of the Texas Municipal Retirement System, shall not be
considered in calculating the amount to be withheld and the deposits
and contributions to be made to the Texas Municipal Retirement Systeri
by reason of current service rendered by such employee to this City;
and the maximum amount which shall be deducted each month for current
service deposits to said System (where such compensation is paid on
a monthly basis ) shall exclude payments in excess of one-twelfth of
the aforesaid sum of $8,400 which is prescribed above as the maximum
annual earnings to be taken into account in calculating deposits and
contributions on account of current service.
PASSED AND APPROVED this 2.2 2t'day e / ,,..,,,./_ °62.
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