The Town hereby exercises its option and elects to participate
in the Texas Municipal Retirement System as provided for in sections
851.001–855.605, Government Code, V.T.C.A.
(Ordinance adopting Code)
All employees of the Town who are members of the Texas Municipal
Retirement System shall make deposits to the system at the rate of
seven (7) percent of their individual earnings.
(Ordinance adopting Code)
Effective January 1, 1975, for each month of current service
thereafter rendered by each of its employees who are members of the
Texas Municipal Retirement System, the Town will contribute to the
current service annuity reserve of each such member, at the time of
his retirement, a sum that is two hundred (200) percent of such member’s
accumulated deposits for such month of employment; and said sum shall
be contributed from the Town’s account in the municipality current
accumulation fund.
(Ordinance adopting Code)
(a)
Adoption.
Pursuant to the provisions of sections 854.202(f),
854.204, 854.405, 854.406, and 854.410 of subtitle G of title 8, Government
Code, herein referred to as the “TMRS Act,” the Town adopts
the following provisions affecting participation of its employees
in the Texas Municipal Retirement System (which retirement system
shall herein be referred to as “the system”):
(1)
Eligibility for service retirement annuity.
Any employee
of this Town who is a member of the system is eligible to retire and
receive a service retirement annuity, if the member has at least twenty-five
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 section 854.202(f) of the TMRS
Act.
(2)
Payment of annuity to surviving spouse.
If a vested
member, as that term is defined in section 854.410(c) of the TMRS
Act, shall die before becoming eligible for service retirement and
leaves surviving a 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 said section 854.410(c). 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the accumulated deposits have not been withdrawn before such time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 such amount as would have been payable
had the member lived and retired at that date under a joint and survivor
annuity (Option 1) payable during the lifetime of the member and continuing
thereafter during the lifetime of the surviving spouse.
(3)
Payment of accumulated contributions to surviving spouse.
At any time before payment of the first monthly benefit of an annuity, a surviving spouse to whom subsection (a)(2) of this section 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 shall die before payment of the first monthly benefit of an annuity allowed under this section, the accumulated contributions credited to the account of the member shall be paid to the estate of such spouse.
(5)
Occupational disability annuities.
Any employee of this
Town who is a member of the system is eligible to retire and receive
a standard occupational disability annuity under section 854.408 of
the TMRS Act or an optional occupational disability retirement annuity
under section 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:
(A)
That the member is physically or mentally disabled for further performance
of the duties of the member’s employment;
(B)
That the disability is likely to be permanent; and
(C)
That the member should be retired.
Any annuity granted under this subsection shall be subject to
the provisions of section 854.409 of the TMRS Act.
(b)
Effective date.
This section shall become 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 Town to the municipality accumulation fund, including obligations
hereby undertaken, can be funded by the Town within its maximum contribution
rate and within its amortization period.
(Ordinance adopting Code)
(a)
Pursuant
to section 853.502, subchapter F of chapter 853, title 8, V.T.C.A.,
Government Code, as amended, the Town hereby elects to allow eligible
members in its employment to establish credit in the Texas Municipal
Retirement System for active military service performed as a member
of the armed forces or armed forces reserves of the United States
or an auxiliary of the armed forces reserves. Eligible members as
used herein shall be those employees meeting the criteria set forth
in sections 853.502(b) and 853.503 of said subchapter F, and the amount
and use of creditable military service shall be as further set forth
in section 853.505.
(b)
In
order to establish credit for military service hereunder, a member
may deposit with the Texas Municipal Retirement System (in that member’s
individual account in the employees saving fund) an amount equal to
the number of months for which credit is sought, multiplied by fifteen
dollars ($15.00). The Town agrees that its account in the municipality
accumulation fund is to be charged at the time of the member’s
retirement with an amount equal to the accumulated amount paid by
the member for military service credit, multiplied by the Town’s
current service matching ratio in effect at the date the member applies
for such military service credit.
(Ordinance adopting Code)
(a)
On
the terms and conditions set out in section 853.305 of subtitle G
of title 8, V.T.C.A., Government Code, as amended (hereinafter referred
to as the “TMRS Act”), each member of the Texas Municipal
Retirement System (hereinafter referred to as the “system”)
who is now or who hereafter becomes an employee of the Town shall
receive restricted prior service credit for service previously performed
as an employee of any incorporated city or town in the United States
or of any council of governments in this state for which the person
has not otherwise received credit service in this system, including
combined service credit under chapter 803. The requirements for retirement
eligibility have 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.
(b)
A
member seeking to establish restricted prior service credit must take
the action required under said section 853.305 while still an employee
of the Town.
(Ordinance 1304 adopted 5/1/95)
Pursuant to section 855.407(g) of the TMRS Act, as amended,
the Town hereby elects to make, and be liable for, future normal and
prior service contributions to its account in the municipal accumulation
fund of the system at such combined rate of the total compensation
paid by the Town 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 applicable to
the Town under the TMRS Act, the costs of all benefits which are or
may become chargeable to or are to be paid out of the Town’s
account in said accumulation fund, regardless of other provisions
of the TMRS Act limiting the combined rate of Town contributions.
(Ordinance 1609, sec. 1, adopted 11/8/04)
(a)
On
terms and conditions set out in TMRS Act § 854.203, the Town
hereby elects to authorize and provide for payment of the increases
below stated in monthly benefits payable by the System to retired
employees and to beneficiaries of deceased employees of the Town under
current service annuities and prior service annuities arising from
service by such employees to this Town. An annuity increased under
this Section replaces any annuity or increased annuity previously
granted to the same person.
(b)
The
amount of the annuity increase under this section is computed as the
sum of the prior service and current service annuities on the effective
date of retirement of the person on whose service the annuities are
based, multiplied by 50% of the percentage change in Consumer Price
Index for All Urban Consumers, from December of the year immediately
preceding the effective date of the person's retirement to the December
that is 13 months before the effective date of this section.
(c)
An
increase in an annuity that was reduced because of an option selection
is reducible in the same proportion and in the same manner that the
original annuity was reduced.
(d)
If
a computation under this section does not result in an increase in
the amount of an annuity, the amount of the annuity will not be changed.
(e)
The
amount by which an increase under this section exceeds all previously
granted increases to an annuitant is an obligation of this City and
of its account in the benefit accumulation fund of the System.
(f)
An
increase in a retirement annuity under this section also may be referred
to as a cost of living adjustment ("COLA").
(Ordinance 1715, sec. 1, adopted 10/1/07; Ordinance
2114 adopted 12/6/2022)
(a)
Any
employee of the Town who is a member of the system is eligible to
retire and receive a retirement annuity if the member has at least
twenty (20) years of credited service in the system performed for
one (1) or more municipalities that have adopted a like provision
under section 854.202(g) of the TMRS Act.
(c)
The
rights hereinabove authorized shall be in addition to the plan provisions
heretofore adopted and in force at the effective date of this section
(ordinance adopted October 21, 2002) pursuant to the TMRS Act.
(Ordinance adopting Code)
On the terms and conditions set out in sections 853.401 through
853.403 of Subtitle G of Title 8, Government Code, as amended (which
subtitle is referred to as the "TMRS Act"), each member of the Texas
Municipal Retirement System (the "System") who has current service
credit or prior service credit in the System in force and effect on
the 1st 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 TMRS Act § 853.402(d) in an amount that is 50% of
the "base Updated Service Credit" of the member calculated as provided
in TMRS Act § 853.402(c). The Updated Service Credit provided
under this section 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.
(Ordinance 2055 adopted 9/17/19; Ordinance
2114 adopted 12/6/2022)
