Sec. 2-24. Dates of allowances and increases. The initial allowance of updated service credit and increase in retirement annuities hereunder is effective on January 1, 2002, subject to approval by the board of trustees of the system. An allowance of updated service credits and an increase in retirement annuities will be made hereunder on January 1 of each subsequent year until this ordinance ceases to be in effect under V.T.C.A., Government Code, § 853.404(e) of the TMRS Act; provided, that, as to such subsequent year, the actuary for the system has made the determination set forth in V.T.C.A., Government Code, § 853.404(d) of the TMRS Act. (Ord. No. 1341, § 5, 12-18-01; Ord. No. 1577, § 19, 8-1-2006) Sec. 2-25. Additional rights, credits and benefits. (a) Pursuant to the provisions of V.T.C.A., Government Code, §§ 854.202(f), 854.105, 854.405, 854.406 and 854.410 (the TMRS Act) the city adopts the following provisions affecting participation of its employees in the Texas Municipal Retirement System (the system). (1) Any 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 that system performed for one or more municipalities that have participation dates after September 1, 1987, or have adopted a like provision under V.T.C.A., Government Code, § 854.202(f) of the TMRS Act. (2) If a "vested member," as that term is defined in V.T.C.A., Government Code, § 851.001 of the TMRS Act, dies before becoming eligible for service retirement and leaves a surviving lawful spouse whom the member has designated as beneficiary entitled to payment of the member's accumulated contributions in event of the member's death before retirement, the surviving spouse may, by written notice filed with the system, elect to leave the accumulated deposits on deposit with the system subject to the terms and conditions of V.T.C.A., Government Code, § 854.105. If the accumulated deposits have not been withdrawn before such time as the member, if living, would have become entitled to service retirement, the surviving spouse may elect to receive, in lieu of the accumulated deposits, an annuity payable monthly thereafter during the lifetime of the surviving spouse in an amount as would have been payable had the member lived and retired at that date under a joint and survivor annuity (Option I) payable during the lifetime of the member and continuing thereafter during the lifetime of the surviving spouse. (3) At any time before payment of the first monthly benefit of an annuity a surviving spouse to whom subsection (a)(2) above applies may, upon written application filed with the system, receive payment of the accumulated contributions standing to the account of the member in lieu of any benefits otherwise payable under this section. In the event such a surviving spouse dies before payment of this first monthly benefit of an annuity allowed under this section, the accumulated contributions credited to the account of the member will be paid to the estate of the spouse. (b) The rights, credits and benefits hereinabove authorized are in addition to the plan provisions heretofore adopted and in force at the effective date of this section pursuant to the TMRS Act. (c) Any employee of this city who is a member of the system is eligible to retire and receive a "standard occupational disability annuity" under V.T.C.A., Government Code, § 854.408 of the TMRS Act or an "optional occupational disability retirement annuity" under V.T.C.A., Government Code, § 854.410 of the TMRS Act upon making application therefor upon such form and in such manner as may be prescribed by the board of trustees of the system; provided, that the system's medical board has certified to said board of trustees: (1) That the member is physically or mentally disabled for further performance of the duties of the member's employment; (2) That the disability is likely to be permanent; and (3) That the member should be retired. Any annuity granted under this subsection is subject to the provisions of V.T.C.A., Government Code, § 64.609 of the TMRS Act. (d) The provisions relating to the occupational disability program as set forth in paragraph (c) above are in lieu of the disability program heretofore provided for under V.T.C.A., Government Code, §§ 854.301--854.308 of the TMRS Act. (e) This section is effective on the first day of January, 1988; provided that it has previously been determined by the actuary for the system that all obligations of the city to the municipality accumulation fund, including obligations undertaken, can be funded by the city within its maximum contribution rate and within its amortization period. (Ord. No. 617, §§ 1, 2, 11-17-87; Ord. No. 1341, § 2, 12-18-01; Ord. No. 1461, § 1, 9-21-04; Ord. No. 1577, § 19, 8-1-2006) Sec. 2-26. Authorization and restricted prior service credit. (a) On the terms and conditions set out in V.T.C.A., Government Code, § 853.305 of Subtitle G of Title 8, as amended (the "TMRS Act"), each member of the Texas Municipal Retirement System (the "system") who is now or who hereafter becomes an employee of this city will receive restricted prior service credit for service previously performed as an employee of any of the entities described in said V.T.C.A., Government Code, § 853.305 provided that (1) the person does not otherwise have credited service in the system for that service, and (2) the service meets the requirements of V.T.C.A., Government Code, § 853.305. (b) The service credit granted may be used only to satisfy length-of-service requirements for retirement eligibility, has no monetary value in computing the annuity payments allowable to the member, and may not be used in other computations, including computation of updated service credits. (c) A member seeking to establish restricted prior service credit under this section must take the action required under said V.T.C.A., Government Code, § 853.305 while still an employee of this city. (Ord. No. 1086, § 1, 6-2-98; Ord. No. 1341, § 2, 12-18-01; Ord. No. 1577, § 19, 8-1-2006) Secs. 2-27--2-30. Reserved. |
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