§ 2.72.100. Dates of allowances and increases.

A.

The initial allowance of updated service credit and increase in retirement annuities hereunder shall be effective on January 1, 2012, 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 this section 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.

Increased Municipal Contributions. That effective January 1, 2012, for each month of current service thereafter rendered by each of its employees who are members of the Texas Municipal Retirement System, the city will contribute to the current service annuity reserve of each such member at the time of his or her retirement, a sum that is 150 percent 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.

(Ord. No. 2011-35, § 3, 11-29-2011; Prior code § 2-144.1)