§ 2-56. Same—Maximum earnings subject to contributions.

Latest version.

Annual earnings in excess of seven thousand, two hundred dollars ($7,200.00) which may be paid by the city to any of its employees who are members of the Texas Municipal Retirement System shall not be considered in calculating the amount to be withheld and the deposits and contributions to be made to the Texas Municipal Retirement System by reason of current service rendered by such employee to the city; and the maximum amount which shall be deducted each month for current service deposits to such system (where such compensation is paid on a monthly basis) shall exclude payments in excess of one-twelfth ( 1/12 ) of the aforesaid sum of seven thousand, two hundred dollars ($7,200.00) which is prescribed above as the maximum annual earnings to be taken into account in calculating deposits and contributions on account of current service.

(Ord. of 12-4-1962, § 1)

                    
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