(a)
The town
council, acting for and on behalf of the Town of Double Oak, shall
enter into all necessary agreements with the Employees Retirement
System of Texas for the purpose of carrying out the provisions herein.
(b)
The mayor
is hereby appointed as agent of the town council and of the town to
execute all necessary agreements and instruments for and behalf of
said town council and town.
(c)
The town
treasurer is hereby directed to be the person responsible for making
assessments, collections, payments, and reports, as required by the
employees Retirement System of Texas.
(d)
A sufficient
sum of money will be allocated and set aside from available funds
for the purpose of carrying out the provisions of the above mentioned
acts, such money so allocated and set aside to be known as the Town
of Double Oak Social Security Fund, which fund shall be set aside
and maintained in the regular City Depository.
(Ordinance 3-1 adopted 7/16/86)
(a)
On the
terms and conditions set out in Sections 853.305 of Subtitle G of
Title 8, Texas 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 this town shall
receive restricted prior service credit for service previously performed
as an employee of any of the entities described in said Section 853.305
provided that:
(b)
The service
credit hereby 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 Section 853.305 while still
an employee of the town.
(d)
This section
shall become effective on the 18th of January, 2010.
(Ordinance 10-02 adopted 1/18/10)
(a)
Pursuant
to Section 853.502, Subchapter F of Chapter 853, Title 8, Government
Code as amended, the town 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 or 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 must
file with the Texas Municipal Retirement System a written application
for the credit, together with satisfactory evidence of the member’s
military service.
(c)
This section
shall become effective on the 18th of January, 2010.
(Ordinance 10-03 adopted 1/18/10)
Effective January 1, 2014, 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 or her retirement, a sum that is 200% of such member’s accumulated
deposits for such month of employment; and said sum shall be contributed
from the city’s account in the benefit accumulation fund.
(Ordinance 13-02 adopted 8/5/13)
