HomeMy WebLinkAbout1997-316ORDINANCE NO / —2
AN ORDINANCE AFFECTING PARTICIPATION OF CITY EMPLOYEES IN THE TEXAS
MUNICIPAL RETIREMENT SYSTEM GRANTING THE ADDITIONAL RIGHTS
AUTHORIZED BY SECTION 854 202(g) OF TITLE 8, TEXAS GOVERNMENT CODE, AS
AMENDED, AND AUTHORIZING AN EFFECTIVE DATE,
WHEREAS, in accordance with Section 854 202(g) of the Texas Government Code, the
City Manager has prepared, at the direction of the City Council, an actuarial analysis of City
employees who are members of the City's public retirement system annuities at twenty years of
service, and
WHEREAS, prior to the adoption of this ordinance, the City Council held a public
hearing on the adoption of Section 854 202(g) of the Texas Government Code allowing members
of the City's public retirement system who have at least twenty years of credited service to retire,
and the public hearing was held in compliance with the notice provisions of the Texas Open
Meetings Act, chapter 551, Texas Government Code, and
WHEREAS, the City Council deems it in the public interest to adopt the provisions of
Section $54 202(g) of the Texas Government Code, NOW, THEREFORE,
THE COUNCIL OF THE CITY OF DENTON, TEXAS HEREBY ORDAINS
SECTION I That pursuant to the provisions of Section 854 202(g) of Subtitle G of Title
8, Texas Government Code, as amended, which Subtitle shall herein be referred to as the "TMRS
Act," die City of Denton, Texas, adopts the following provisions affecting participation of its
employees in the Texas Municipal Retirement System (herein referred to as the "System")
(a) Any employee of the 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 the
System performed for one or more municipalities that have adopted a like provision under
Section $54 202(g) of the TMRS Act
(b) Prior to adopting this ordinance, the governing body of the City has (1) prepared
an actuarial analysis of member retirement annuities at 20 years of service, and (2) held a public
hearing pursuant to the notice provisions of the Texas Open Meetings Act, chapter 551, Texas
Government Code
(c) The rights heremabove authorized shall be in addition to the plan provisions
heretofore adopted and in force at the effective date of this ordinance pursuant to the TMRS Act
E TION II That this ordinance shall become effective January 1, 1998
PASSED AND APPROVED tlus the 1— day of 11�b-, 1997
ATTEST
JENNIFER WALTERS, CITY SECRETARY
BY
APPR ED A TO LEGAL FORM
HERBERT L PROUTY, CITY ATTORNEY
m
E \DOCS\ORD\20-YEAR RETIREMENT OPTION
2"4 ae, 6CS-4
JACK MILLER, MAYOR
�y /. �" /-4?1.
Page 2