(a) The initial allowance of updated service credit and increase in retirement annuities hereunder shall be effective on January 1, 2015, subject to approval by the board of trustees of the system. An allowance of updated service credits and an increase in retirement annuities shall be made hereunder on January 1 of each subsequent year until the ordinance from which this section derives ceases to be in effect under subsection (e) of Section 853.404 of the TMRS Act, provided that, as to such subsequent year, the actuary for the system has made the determination set forth in subsection (d) of Section 853.404 of the TMRS Act.
(b) Effective January 1, 2015, for each month of current service thereafter rendered by each of its employees who are members of the Texas Municipal Retirement System, the city elects to provide for 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 municipality accumulation fund.
(Ordinance 1983-14 adopted 8/5/14)